Singapore retail sales lower than forecast

• Dec 13, 2018

SINGAPORE: Retail sales were lower than expected in October, according to figures released by Singapore’s Department of Statistics.

Takings at the till that month were only 0.1% higher year-on-year, below the 1.5% increase forecast by analysts polled by Bloomberg and coming off the 1.9% rise in September.

Excluding motor vehicles, retail sales rose 0.5%. Car sales fell by 2% y-o-y. This retail performance was weaker than analysts had expected, with Bloomberg polls predicting a 1.5% rise.

Due to continued high petrol prices, sales at petrol service stations increased 11.4% compared to last October, recording the biggest percentage gain among retail segments. But after removing the price effect, in volume terms, the increase recorded was 1.5%.

Apart from petrol sales, food retailers, medical goods and toiletries, furniture and household equipment and watches and jewellery sellers registered marginal increases in growth. — The Straits Times/Asia News Network

Source: https://www.thestar.com.my/business/business-news/2018/12/13/retail-sales-for-october-disappoint-with-01-per-cent-rise-singapore-retail-sales-lower-than-forecast/#ebyZRPoouXrPI5yK.99