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Singapore Retail Sales Fall Unexpectedly In September

Singapore's retail sales declined notably in September, defying economists' forecast for a slight increase, data from the Department of Statistics showed Friday.

Retail sales decreased a seasonally adjusted 4.2 percent month-over-month in September, after remaining flat in the previous month. Meanwhile, economists had expected a 0.1 percent increase for the month.

Excluding motor vehicles, retail sales dropped 0.2 percent on month versus a 0.9 percent fall in August.

Retail sales of motor vehicles alone plunged by 19.9 percent and those of furniture and household equipment dipped by 5.4 percent.

At the same time, sales of wearing apparel and footwear registered a growth of 2.9 percent.

On an annual basis, retail sales fell 0.5 percent in September, reversing a 3.7 percent gain in the preceding month. It was forecast to increase by 3.0 percent.

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