Singapore Dec. Retail Sales Fall More Than Expected

Singapore retail sales declined more than expected in December, largely due to a sharp contraction in automobile turnover, data from the Department of Statistics showed Wednesday.

Retail sales were down by a seasonally adjusted 2.4 percent month-on-month, steeper-than last month's 0.9 percent fall and an expected decrease of 0.6 percent.

However, excluding motor vehicle, sales logged a monthly growth of 1.3 percent. After seasonal adjustment, retail sales of motor vehicles decreased 14.7 percent in December over November.

On a yearly basis, growth in retail sales slowed to 4.2 percent from 6.2 percent. Economists had expected the annual rate to slow to 5.2 percent.