Singapore's May Retail Sales: Consumption Check for Q2 GDP

Singapore releases May retail sales figures on Monday. April's data showed a 0.3% month-on-month increase and a 5% year-on-year gain.

Retail sales are a direct measure of consumer spending, which accounts for roughly a third of Singapore's GDP. The April numbers followed a weak March. May's print will show whether the recovery continued.

The data is an input for second-quarter GDP estimates. The Monetary Authority of Singapore uses growth and inflation data to set the SGD's exchange rate policy. The next policy meeting is in October.

The Singapore dollar and the Straits Times Index are sensitive to the growth outlook. Monday's release will be the main Asia-Pacific data point of the day.