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Singapore Retail Sales Fall In December

Singapore's retail sales declined slightly in December, after rising in the previous two months, data from the Department of Statistics showed Monday.

Retail sales dropped a seasonally adjusted 0.2 percent month-over-month in December, reversing a 4.9 percent rise in November.

Retail sales of watches and jewelry slipped 5.8 percent over the month and sales at department stores registered a fall of 5.0 percent.

At the same time, sales of motor vehicles alone grew 9.0 percent and those of wearing apparel and footwear rose by 1.7 percent.

Excluding motor vehicles, total retail sales contracted 2.6 percent at the end of the year.

On an annual basis, retail sales growth eased to 4.6 percent in December from 5.0 percent in November. Economists had expected the growth to moderate to 4.5 percent.

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