Singapore retail sales defy predictions, fall 3.2% in February
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Retail sales in Singapore dropped 3.2 per cent in February from the same month a year ago, defying economists’ predictions for an expansion in consumer spending and providing more evidence of a slowing economy.
The retail sales contraction followed the revised 7.6 per cent growth in January, said the Department of Statistics yesterday, and was in contrast to the 3.4 per cent increase forecast by 12 economists in a Bloomberg poll. Excluding motor vehicles, retail sales slumped by 9.6 per cent as all but three out of 13 segments that make up the index fell.
From the previous month, retail sales rose 1.7 per cent in February; excluding motor vehicles, they fell 1.1 per cent, showed the Department of Statistics data.
Questions & Answers
Q.What was the predicted growth for retail sales in Singapore during February?
What was the predicted growth for retail sales in Singapore during February?
Economists in a Bloomberg poll had forecast a 3.4 per cent increase in retail sales for February. This prediction was defied by the actual 3.2 per cent contraction reported by the Department of Statistics.
Q.How did retail sales perform in February compared to the previous month, January?
How did retail sales perform in February compared to the previous month, January?
Retail sales in February increased by 1.7 per cent compared to January. However, this followed a revised 7.6 per cent growth in January from the same month a year ago.
Q.Which retail segments saw higher sales in February?
Which retail segments saw higher sales in February?
Higher sales were recorded in mini-marts and convenience stores, and for medical goods and toiletries. All other segments, except motor vehicles, experienced a decline in sales.
Q.What was the total estimated value of retail sales in February?
What was the total estimated value of retail sales in February?
The total retail sales value for February was estimated to be S$3.4 billion. This figure represents the total consumer spending across all retail segments for the month.
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