Retail sales down 6.1% in Jan but economists see recovery ahead
Total retail sales value last month fell to S$3.8 billion, with online sales accounting for 10.3%
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Singapore
ALTHOUGH Singapore's retail sales declined further in January, economists see signs of improving domestic demand - though year-on-year figures in upcoming months should be viewed in the context of the low base effect from a year ago.
Retail sales fell 6.1 per cent year on year in January, figures from the Singapore Department of Statistics (SingStat) showed on Friday. This steepened from December's 3.3 per cent fall, which was in turn a worsening from November's improvement. January's steeper decline was due partly to Chinese New Year (CNY)-linked sales in January 2020, said SingStat. The festival fell on February this year.
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