Singapore retail sales defy predictions, fall 3.2% in February
By Mei Ling Tan
1 min read
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.
Apart from motor vehicles, higher sales were seen only at mini-marts and convenience stores, as well as for medical goods and toiletries. The total retail sales value in February was estimated at S$3.4 billion. The data came a day after the Monetary Authority of Singapore unexpectedly eased its policy, guiding the local currency to a zero appreciation stance against the currencies of its major trading partners, as the economy registered no growth in the first quarter.
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.