Singapore's $4.2B retail sales jump 1.4% - but only cars are selling
Key Points
- Singapore's retail sales rose 1.4% in May, but without motor...
Singapore's retail market in May proved that sometimes you need four wheels to get the economy rolling. Overall sales climbed 1.4% year-over-year to S$4.2 billion, but strip away the motor vehicles and you're left with a performance flatter than a pancake under a steamroller.
Cars Are Carrying the Team
Motor vehicle sales roared ahead with a 10.4% annual increase, thanks to higher Certificate of Entitlement quotas that finally gave car-hungry Singaporeans a chance to upgrade from their trusty MRT cards. The month-to-month jump of 11.9% shows people were literally waiting in line with the...
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