Senior Economist Alvin Liew and Associate Economist Jester Koh at UOB Group assess the release of Retail Sales in Singapore. Key Takeaways Singapore’s
Senior Economist Alvin Liew and Associate Economist Jester Koh at UOB Group assess the release of Retail Sales in Singapore.Singapore’s retail sales increased 1.1% y/y in Jul, lower than Bloomberg’s consensus of 2.1% y/y but a tad higher than Jun’s revised reading of 1.0% y/y. On a seasonally-adjusted sequential basis, retail sales rose 0.6% m/m in Jul, reversing the two preceding months of sequential contraction . Excluding motor vehicle sales, retail sales fell by 1.
Downside risks to retail sales in 2H23 include a more cautionary external environment, easing in labour market conditions and a slower than expected return of inbound Chinese tourists. Given the recent softening in retail sales prints and elevated prices which increasingly weigh on household spending, we downgrade our 2023 retail sales growth forecast to 3.5% from 5.0%. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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