Retail sales defied optimistic market expectations and fell markedly in November.
Takings at the till dropped 0.7 per cent, a sharp reversal from the 2.4 per cent growth in October, the Department of Statistics noted on Jan 3.
If motor vehicle sales are excluded, retail turnover decreased 1.4 per cent in November, compared with 0.5 per cent growth in October.
Private-sector economists had predicted expansion, with a median forecast of 1.5 per cent growth in a Bloomberg poll.
The biggest year-on-year fall was in computer and telecommunications equipment sales - down 11 per cent - while minimarts and convenience store sales fell 8.6 per cent and petrol station revenue slipped 5.4 per cent.
More residents travelling during the year-end school holidays, armed with a still-strong Singapore dollar, likely decreased the spending on these items, said DBS economist Chua Han Teng.
This story is from the January 04, 2025 edition of The Straits Times.
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This story is from the January 04, 2025 edition of The Straits Times.
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