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Singapore Retail Sales Decline Slows In March

Singapore's retail sales declined at a slower pace in March, after falling sharply in the previous month, figures from the Department of Statistics showed on Friday.

Retail sales fell 0.5 percent year-on-year in March, following a 9.9 percent decline in February. Economists had expected a 0.6 percent fall.

Sales of optical goods and books and computer and telecommunications equipment industries declined 6.4 percent and 4.9 percent, respectively. Sales at shops selling food, watches and jewellery, and department stores decreased.

Excluding motor vehicles, total retail sales fell 1.1 percent annually in March, following a 10.1 percent decline in February.

Retail sales rose a seasonally adjusted 1.5 percent month-on-month in March, reversing a 1.4 percent fall in February. Excluding automobile sales, retail sales increased 0.7 percent.

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