Singapore sees retail sales down by 3.4 pct year-on-year last December

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SINGAPORE, Feb. 12 (Xinhua) -- The Department of Statistics of Singapore announced on Wednesday Singapore's retail sales decreased by 3.4 percent year-on-year in December 2019, compared to a recalculated 4.2 percent decrease in the previous month.

On a seasonally adjusted basis, the retail sales decreased by 1 percent month-on-month last December.

The authority said excluding motor vehicles, Singapore's retail sales in December 2019 grew by 0.1 percent year-on-year, but fell by 1.4 percent month-on-month.

It added the estimated total retail sales value last December was about 4.2 billion Singapore dollars (about 3.03 billion U.S. dollars). Of these, online retail sales made up an estimated 6.8 percent.

Meanwhile, the sales of food and beverage services increased by 2.7 percent year-on-year but decreased by 0.6 percent month-on-month in December 2019.

Head of Treasury Research & Strategy of OCBC Bank Selena Ling said Singapore's retail sales last December registered a soft end to 2019 when retail sales contacted for the second year by 2.8 percent year-on-year.

This data print marked the first back-to-back annual contraction in retail sales since the post-global financial crisis period in 2009-2010, she added.

Ling said given the ongoing novel coronavirus pneumonia outbreak, retail sentiments in Singapore are likely to remain very sluggish into January and February, and OCBC Bank's 2020 retail sales growth forecast for the city-state remains tepid at -1.0 percent year-on-year. Enditem

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