Singapore's retail sales growth slowed at a slower-than-expected pace in July, data published by the Department of Statistics showed Tuesday.
Retail sales climbed 5.2 percent year-over-year in July, slower than previous month's 7.0 percent gain. Economists had expected a 5.0 percent rise for the month.
The annual growth was driven by a significant 40.6 percent increase in motor vehicle sales. Excluding motor vehicles, sales were up 0.8 percent. Sales of watches and jewelry also logged a growth of 11.7 percent.
At the same time, retail sales of petrol service stations plunged 16.4 percent and that for furniture and household equipment declined by 5.5 percent. Food and beverages sales dropped 3.2 percent.
On a monthly basis, retail sales fell a seasonally adjusted 2.2 percent in July, in contrast to a 0.7 percent rise in the previous month. Economists had forecast sales to fall further by 1.0 percent.
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