RTTNews - Retail sales in Singapore dropped 5.1% month-on-month in March, on a seasonally adjusted basis, following a revised 10.4% growth in February, the Department of Statistics said Friday. Economists expected retail sales to fall 7.5%. Excluding motor vehicles, retail sales grew 3.3% on a monthly basis in March.
Year-on-year, retail sales slipped 7.3% in March, after recording a revised 5.5% fall in February. Economists expected a decline of only 7%. Excluding motor vehicles, retail sales were down 6.9%.
Meanwhile, the catering trade index grew 4.2% month-on-month in March, following a 4.9% drop in February. On a yearly basis, the index fell 1.7% in March compared to a 9.6% decline in the preceding month.
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