SINGAPORE (Dec 12): Singapore's retail sales in October fell for a second consecutive month from a year earlier, due to a drop in sales of motor vehicles and at food retailers, data showed on Tuesday.
Total retail sales fell 0.1% from a year earlier, after a revised 0.6% decline in the previous month, according to data from the Singapore Department of Statistics.
Sales of motor vehicles fell 3.8% in October from the year earlier, while sales at food retailers fell 3.9% in the same month from the year ago.
(Credit: Sanjit Das/Bloomberg)
This comes after retail sales contracted for the first time in seven months in September.
Singapore, one of the world's most expensive places to own a vehicle, announced in October that it will not allow any growth in its car population from February, citing the city-state's and scarcity and billions of dollars in planned public transport investments.
On a month-on-month and seasonally adjusted basis, total retail sales rose 1.5% in October after falling 4.2% in the previous month.
This story, written by Reuters, first appeared on Dec 12.