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Singapore retail sales continue decline with 0.1% slowdown in October
RETAIL sales continued to decline in October, and just barely notched minute gains when motor vehicles were excluded.
Total takings shrank 0.1 per cent in October compared to a year ago, according to latest data by the Singapore Department of Statistics. The slowdown was however more moderate compared to the 0.6 per cent decline registered in the month before, which was itself revised lower from earlier indications of a 0.5 per cent dip.
With motor vehicles stripped out, retail sales grew 0.8 per cent year-on-year – which was weaker compared to September’s expansion of 3.3 per cent.
On a month-on-month basis, retail takings rose 1.5 per cent. But with car sales excluded, sales declined one per cent.
Compared to a year ago, computer & telecommunications equipment was the worst performing category, falling 23.4 per cent. The best performing segments were medical goods & toiletries and petrol service stations at 7.7 per cent and 7.4 per cent respectively.
On a month-on-month basis, computer & telecommunications equipment remained the laggard, declining 21 per cent. An improvement in motor vehicle sales led growth, with a gain of 14 per cent.
Sales of food & beverage services increased 0.7 per cent in October year-on-year, but fell 0.1 per cent compared to September.
The total retail sales value in October was estimated at S$3.6 billion, similar to a year ago.
Source: http://www.businesstimes.com.sg/government-economy/singapore-retail-sales-continue-decline-with-01-slowdown-in-october