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July retail sales index down
Fri, Sep 14, 2007
Reuters

SINGAPORE'S retail sales fell in July, sliding a seasonally adjusted 14.6 per cent from June, reflecting weaker motor vehicle sales, data showed.

The fall in retail sales in July after adjustment for seasonal patterns follows a 7.5 per cent gain in June. From a year ago, the July index declined 1.7 per cent, compared to a 9 per cent gain in June.

Economists had forecast July retail sales to rise marginally from a year earlier on strong economic outlook and consumer confidence.

The fall in sales of motor vehicle and other large items followed strong growth in the previous months boosted by increased spending ahead of a two-percentage-point hike in sales tax.

Excluding motor vehicle sales, the July index declined 9.5 per cent after adjustment for seasonal patterns, following a 7.6 per cent gain in June, the Department of Statistics said on Friday.

 
 
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