Singapore retail sales slide 3.2 per cent
Singapore retail sales in March slumped 3.2 per cent after the distortionary effect of motor vehicle sales is removed from the data.
While the official figures show a seasonally-adjusted 1.1 per cent improvement in March 2015 over the previous month, data from Statistics Singapore shows car sales soared 37 per cent over February and 40 per cent March on March.
There was an identical 3.2 per cent overall decline year-on-year for March after cars were removed.
Seasonally adjusted sales of food & beverage services decreased 5.2 per cent in March 2015 over February and by 1.7 per cent compared with March 2014.
After seasonal adjustment, retail sales of cars, mini-marts & convenience stores and food & beverages increased between 12.9 per cent and 37.1 per cent in March 2015 compared to the previous month (Table 1). Retail sales of petrol service stations and recreational goods also rose 4.9 per cent and 1.1 per cent respectively.
On the other hand, retail sales of optical goods & books, wearing apparel & footwear, telecommunications apparatus & computers, furniture & household equipment, supermarkets, watches & jewellery and medical goods & toiletries decreased between 2.4 per cent and 10.4 per cent in March 2015 compared to February 2015.
The following charts from Statistics Singapore provide an overview of changes by category: