July retail sales index down 14.7% from June

Sep 14, 2007 - After reporting strong growth in June, overall retail sales fell by 14.7 per cent to S$2,574.1 million in July, reflecting weaker motor vehicle sales, according to the Department of Statistics.

Excluding motor vehicles, the July index declined by 8.2 per cent.

The fall in motor vehicle sales and sales of other large items followed strong growth in the previous month boosted by pre-GST increase spending and the Great Singapore Sale.

Economists had predicted a 3.6% rise in sales from a year earlier based on the thriving economy and consumer confidence.

The July index dropped 1.7% from a year ago, compared to a 9% gain in June.

Sales of motor vehicles, jewellery, furniture and other goods in July declined by 14.2 per cent to 27.8 per cent.

After seasonal adjustment, retail sales fell by 14.6 per cent in July year-on-year