Singapore posts decline in retail sales

Singapore posts decline in retail sales

Singapore's retail sales dropped 6.6% year on year to S$2.03 billion (around $1.2 billion) in February due to a sharp fall in spending on motor vehicles, said the Singapore's Department of Statistics. Excluding vehicles, retail sales rose 6.1% year on year in February as Singaporeans spent more on food and beverages and medical goods. Country's retail sales also shrank 27.9% compared to January as many stores were closed during the Lunar New Year.