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4/15/2016, 8:48 AM (Source: TeleTrader)
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Singapore's February retail sales fall 3.2%

Retail sales in Singapore declined at an annual rate of 3.2% in February, compared to the same month a year ago. Seasonally adjusted data show that there was a monthly increase of sales of 1.7%, pushed mostly by motor sales. Excluding motor vehicles, retail sales fell 9.6% compared with a year ago.

"After seasonal adjustment, retail sales of motor vehicles increased 15.0% in February 2016 compared to the previous month," said the report from Statistics Singapore (SingStat) released on Friday.

Residents of Singapore have purchased less furniture, spent less in daily shopping in mini-marts and department stores. Fuels, recreational goods, books, jewellery, all were purchased less in February.

There was a huge decline in sales of food and beverages, as much as 34.7% in one year ending in February, with notable drops of visits to restaurants and engagement of food caterers. Sales of motor vehicles, on the other hand, exploded by 51.3%.

Retail data come a day after the first estimate of the overall economic growth. The economy has grown at an annual rate of 1.8% year-on-year, and was flat on a quarter-to-quarter basis. That is in stark contrast with the 6.2% expansion in the fourth quarter.

The Straits Times Index climbed up 0.29% to 2,922 points by 8:45 a.m. CET.

The Singapore dollar rose 0.31% against both the U.S. dollar and the Japanese yen, and inched up 0.01% versus the Australian dollar at 8:46 a.m. CET.

 

Image: Market fair in Singapore © EPA / Mattia Sedda

Breaking the News / ZR