Retail Sales Index May 2021
Retail sales increased 79.7% in May 2021 on a year-on-year basis, compared to the 54.0% increase recorded in April 2021. The large year-on-year growth in May 2021 was attributed to the low base in May 2020 when the Circuit Breaker measures were put in place to contain the COVID-19 outbreak, and physical stores were closed for the whole month. Retail sales, however, continued to be below pre-COVID levels. Excluding motor vehicles, retail sales rose 61.6% in May 2021, compared to the 39.2% growth in April 2021. On a seasonally adjusted basis, retail sales fell 6.8% in May 2021 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales declined 5.2% compared to April 2021.
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