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Singapore Retail Sales Fall In August

Singapore retail sales declined at a faster pace in August, data from the Department of Statistics showed on Friday.

Retail sales declined 4.1 percent year-on-year in August, following a 1.5 percent fall in July.

Motor vehicle sales plunged 20.3 percent, in contrast to a 1.5 percent rise in July. Excluding motor vehicles, retail sales decreased only 1.0 percent after easing 2.1 percent.

Sales of furniture and household equipment and watches and jewelry fell 9.8 percent and 8.6 percent, respectively due to lower demand for household equipment and jewelry.

On a monthly basis, retail sales fell 1.3 percent, reversing a 2.9 percent rise in July.

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