Singapore will release April retail sales on 15 June. A rise of 7.9% y/y is expected from 2.1% the previous month, says Standard Chartered. This is inflated by a favourable base effect, as retail sales fell sharply in April 2014 before rebounding again. Upside to domestic household consumption appears minimal.
The favourable base effect boosted motor vehicle sales in particular; this should moderate in the coming months, even as motor vehicle retail sales are likely to remain supportive of overall growth.
Other categories (supermarkets, recreational goods) fared less well. Retail sales excluding motor vehicles is likely to have risen 3.7% y/y, rebounding from a 3.2% contraction in March, estimates Standard Chartered.
