Singapore's retail sales logged a notable increase in February, reversing the declines seen in the previous months, and defying economists' forecast for a further decline, latest data showed Monday.
Retail sales, at current prices, increased at a seasonally adjusted 3.6 percent month-on-month in February, after falling 1.2 percent in January, which was revised up from a 1.4 percent contraction. Economists had forecast sales to fall further by 1.2 percent in February.
Driving the rebound, sales of recreational goods, optical goods and books, department stores, supermarkets, food and beverages, furniture and household equipment and provision and sundry shops rose between 1.8 percent and 8.1 percent compared to the previous month.
On the other hand, retailers of motor vehicles recorded a 12.3 percent decline in sales over the same period, data showed.
Year-on-year, trade in the retail sector decreased 2.7 percent in February, after falling 2 percent in the previous month. Economists were looking for a 3.4 percent decrease.
For comments and feedback: editorial@rttnews.com