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Retail sales in Singapore dropped 5.2% year-on-year in August, slower than a 9.8% fall in July, the Department of Statistics said Thursday. Economists expected a 8.9% drop. Excluding motor vehicles, sales declined 3% from the previous year.
Month-on-month, the seasonally adjusted retail sales grew 5.2%, after falling a revised 1.3% in the previous month. Economists expected sales to rise 4.3%. Excluding motor vehicles, sales were up 1%.
Meanwhile, catering trade fell 2.8% on a yearly basis in August, but rose 1% compared to July.
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