Retail sales in Singapore declined 15.5% month-on-month in February, following a 8.3% fall in January, a report by the Department of Statistics said Wednesday. Excluding motor vehicles, sales fell 23.4%.
On a seasonally adjusted basis, retail sales grew 10.5% in February from the previous month, after falling 9.9% in the previous month. Excluding motor vehicles, retail sales dropped 3%.
Year-on-year, retail sales slipped 5.7% in February, and excluding motor vehicles sales, was down 10.2%. The volume of retail sales, after removing price effects, declined 8.4%, and excluding sale of motor vehicles, fell 10.9%.
In February, retail sales were valued SG$2.4 billion, down from SG$2.9 billion in January.
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