12.03.201801:52:00UTC+00Singapore Retail Sales Fall More Than Forecast

Singapore's retail sales declined at a faster-than-expected pace in January, data from the Department of Statistics showed Monday.

Retail sales fell a seasonally adjusted 5.4 percent month-on-month in January, reversing a 0.6 percent rise in December. That was well above the 0.9 percent decrease economists had forecast.

Sales of motor vehicles alone plunged 20.9 percent over the month and those of computer and telecommunications equipment dipped by 20.3 percent.

Excluding motor vehicles, total retail sales contracted 1.5 percent.

On an annual basis, retail sales slipped 8.4 percent in January, in contrast to a 6.3 percent increase in December. Meanwhile, it was expected to rise by 2.2 percent.