SINGAPORE (AFX) - Retail sales declined 6.6 pct from a year earlier in February to 2.03 bln sgd, with all retail sectors reporting lower sales as a result of closures during the Lunar New Year holiday, the Department of Statistics (DOS) said.
Retail sales dropped 27.9 pct compared to January, it said.
The yearly contraction was in stark contrast with forecasts of 8.0-17.0 pct from economists polled by XFN-Asia.
OCBC Research economist Suan Teck Kin and IDEAglobal.com economist Nizam Idris forecast eight pct growth.
United Overseas Bank economist Ho Woei Chen predicted 9.5 pct growth and Standard Chartered economist Joseph Tan projected 17 pct growth.
Food and beverage sales rose 87.1 pct in February from a year earlier but was down 14.1 pct compared to January, while motor vehicle sales declined 18.9 pct year-on-year and were down 36.6 pct from the previous month, the DOS said.
It said that, excluding motor vehicle sales, retail sales would have been up 6.1 pct in February from a year earlier.
Compared to January, retail sales excluding motor vehicles rose 1.3 pct.
Sales in the catering sector rose 0.8 pct year-on-year to 291 mln sgd in February.
Compared to January, February catering industry sales were down 4.9 pct.
(1 usd = 1.64 sgd)
pearl.bantillo@xfn.com
pob/dg/tr
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Retail sales dropped 27.9 pct compared to January, it said.
The yearly contraction was in stark contrast with forecasts of 8.0-17.0 pct from economists polled by XFN-Asia.
OCBC Research economist Suan Teck Kin and IDEAglobal.com economist Nizam Idris forecast eight pct growth.
United Overseas Bank economist Ho Woei Chen predicted 9.5 pct growth and Standard Chartered economist Joseph Tan projected 17 pct growth.
Food and beverage sales rose 87.1 pct in February from a year earlier but was down 14.1 pct compared to January, while motor vehicle sales declined 18.9 pct year-on-year and were down 36.6 pct from the previous month, the DOS said.
It said that, excluding motor vehicle sales, retail sales would have been up 6.1 pct in February from a year earlier.
Compared to January, retail sales excluding motor vehicles rose 1.3 pct.
Sales in the catering sector rose 0.8 pct year-on-year to 291 mln sgd in February.
Compared to January, February catering industry sales were down 4.9 pct.
(1 usd = 1.64 sgd)
pearl.bantillo@xfn.com
pob/dg/tr
For more information and to contact AFX: www.afxnews.com and www.afxpress.com