Singapore's retail sales decreased at a faster pace in July, and the rate of fall exceeded economists' forecast, data released by the Department of Statistics showed Friday.
Retail sales, at current prices, decreased 2.9 percent annually in July, faster than the 0.9 percent decrease seen in June. Economists were looking for a 1.7 percent decline in July.
Excluding motor vehicles, sales contracted 0.7 percent year-on-year. Meanwhile, sales of food and beverage rose 3.1 percent compared to July 2011, data showed.
On a monthly basis, retail sales increased a seasonally adjusted 0.4 percent in July, reversing the previous month's 0.4 percent decline. Economists expected sales to drop 0.2 percent month-on-month.
by RTT Staff Writer
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