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Singapore Retail Sales Fall At Slower Pace

Singapore retail sales declined at a slower pace in July, the Department of Statistics reported Thursday.

Retail sales decreased 1.8 percent year-on-year in July, much slower than the 8.9 percent fall in June and the expected drop of 2.9 percent.

Motor vehicle sales gained 1.5 percent, in contrast to a 32.4 percent plunge in June. Excluding motor vehicles, retail sales decreased 2.4 percent after easing 2.7 percent.

Sales of furniture and household equipment and computer and telecommunications equipment fell 8.3 percent and 7.7 percent, respectively due to lower demand for household equipment and handphones.

On a monthly basis, retail sales expanded 2.6 percent, reversing a 2.2 percent drop in June.

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