Singapore Retail Sales Fall In February

(RTTNews) - Singapore retail sales declined in February largely due to the timing of Chinese New Year, data from the Department of Statistics showed Friday.

Retail sales dropped 3.6 percent on a yearly basis in February, in contrast to the revised 4.7 percent rise in January.

The decline in retail sales was partly due to Chinese New Year being celebrated in February last year, as opposed to January this year.

During the January to February period, retail sales grew by 0.8 percent from the same period last year.

Excluding motor vehicle sales, retail sales plunged 6.7 percent in March following a 5.1 percent rise in the prior month.

Sales of food and beverage services decreased 5.6 percent, reversing the 10.3 percent growth in January.

The wearing apparel & footwear industry recorded an annual decline in sales of 18.4 percent, which was mainly due to lower sales of wearing apparel. Likewise, sales of department stores and supermarkets & hypermarkets decreased 14.6 percent and 13.3 percent, respectively.

Month-on-month, retail sales growth improved to 3.0 percent in February from 2.8 percent in January.