Singapore retail sales growth slowed more-than-expected in March, data published by the Department of Statistics revealed Friday.
Retail sales grew only 2.1 percent on a yearly basis in March. Economists had forecast the rate to ease to 3.3 percent from a revised double-digit growth of 14.9 percent registered in February.
However, retail sales expanded 1.1 percent month-on-month, reversing February’s 3.8 percent fall.
Motor vehicle sales increased sharply by 40 percent annually, consistent with the increase in the number of auto sales transactions. Excluding motor vehicle, retail sales dropped 3.2 percent after surging 13.7 percent a month ago.
Retail sales of watches and jewellery and department stores increased 2.4 percent and 0.3 percent respectively. In contrast, sales of petrol service stations fell 21.4 percent partly due to lower petrol prices.
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