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Singapore Sept retail sales fall 0.5 pct y/y, first contraction in 7 months
November 10, 2017 / 5:02 AM / a month ago

Singapore Sept retail sales fall 0.5 pct y/y, first contraction in 7 months

SINGAPORE, Nov 10 (Reuters) - Singapore’s retail sales in September fell for the first time in seven months from a year earlier due to a drop in motor vehicle sales, data showed on Friday.

Total retail sales declined 0.5 percent from a year earlier, after rising a revised 3.7 percent in the previous month, according to data from the Singapore Department of Statistics.

The last time Singapore’s retail sales saw a on-year contraction was in February when it fell 2.7 percent.

Retail sales of motor vehicles fell 15.3 percent in September from the year earlier.

This comes after Singapore, one of the world’s most expensive places to own a vehicle, announced that it will not allow any growth in its car population from February, citing the city-state’s land scarcity and billions of dollars in planned public transport investments.

On a month-on-month and seasonally adjusted basis, total retail sales fell 0.5 percent in September after holding flat in the previous month. (Reporting by Fathin Ungku; Editing by Shri Navaratnam)

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