Fast and furious car deals prop up Singapore's dismal retail sales figures

Car sales surged 85.2% in June.

The near-doubling of motor vehicle sales provided some support for Singapore's flagging retail sales index in June.

Data released today by the Department of Statistics showed that overall retail sales grew 6.9% year-on-year in June, propped up by an 85.2% surge in motor vehicle transactions.

Sales fell for almost every other category except for department stores and supermarkets. Excluding car sales, the index would have slipped 3% on a year-on-year basis.

Car sales jumped 26.3% on a month-on-month basis, causing the overall index to inch up by 0.6%. Excluding vehicle deals, overall sales fell by 3.9% month-on-month in June.

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