Singapore's retail sales miss expectations, unexpectedly fall 2.5 pct y/y in February

Singapore's retail sales missed forecasts for a rise and fell unexpectedly in February, data released by the Department of Statistics revealed Thursday. Singapore's retail sales fell 2.5 percent y/y in February, reversing a 2.3 percent rise in the previous month and missing expectations for a 1.7 percent rise.

On a monthly basis, retail sales beat expectations, rebounded 2.3 percent compared to a 1.1 percent drop in the previous month. Retail sales were expected to decrease by 0.3 percent m/m in February.

Details of the report showed sales of food and beverages declined the most by 17.4 percent annually. Sales at supermarkets fell 15.4 percent and those at department stores dipped by 15.0 percent. Motor vehicles sales were the only exception which grew 9.4 percent.  Excluding the same, total retail sales dropped by 4.9 percent.