Singapore’s retail sales decreased from the previous month in November, defying economists’ forecast for a modest increase, the Department of Statistics said Tuesday.
Retail sales, at current prices, decreased a seasonally adjusted 0.8 percent month-on-month in November, reversing the 0.5 percent growth seen in October. Economists had forecast sales to grow by 0.5 percent in November also.
Sales, excluding motor vehicle, meanwhile, moved up 0.1 percent sequentially, which was unchanged from the growth seen in October.
Driving the overall fall, sales of telecommunications apparatus and computers decreased 4 percent from the previous month, while trade in the automobile industry and petrol service stations dropped by 3.9 percent and 3 percent respectively.
On the other hand, retail sales of food and beverages increased 5.5 percent month-on-month in November, and those of wearing apparel and footwear edged up 0.2 percent.
On an annual basis, retail sales fell 1.1 percent in November, as they did in the preceding month. Economists were looking for a more modest decline of 0.4 percent.
by RTT Staff Writer
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