Singapore: Prospects for retail sales remain solid – UOB

Pablo Piovano FXStreet

Barnabas Gan, Economist at UOB Group, reviews the latest Retail Sales figures in Singapore.

Key Takeaways

“Singapore’s retail sales surprised with an 8.7% y/y expansion in Mar 2022, against market expectations for a much slower 0.7% y/y growth. Retail sales excluding motor vehicles surged 13.4% y/y in the same month.”

“The advance in retail sales suggests that Singapore’s domestic retail environment has improved in tandem with a tighter labour market. More importantly, the decline in Feb 2022 was short-lived, and was largely seasonal due to Chinese New Year (CNY).”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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