Retail sales in Singapore increased at a significantly slower pace in April, and the rate of growth came in far below economists' expectations, data from the Department of Statistics showed Friday.
Retail sales increased 2.2 percent on an annual basis in April, sharply slower than the 8.9 percent growth seen March, which was revised down from 9.1 percent. Economists were looking for a 6.9 percent increase.
Retail trade, excluding motor vehicles, advanced 2.9 percent annually in April. Food and beverages sales rose 4.2 percent, while clothing and footwear sales moved up 1.6 percent. There was 1.9 percent year-on-year increase in retail sales of furniture and household equipment, and a 3.7 percent gain in sales of watches and jewelery during the month.
Compared to March, retail sales decreased a seasonally adjusted 0.9 percent in April, reversing the previous month's 1.7 percent rise. Economists expected sales to rise 1.5 percent month-on-month.
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