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Singapore January retail sales fall 8.4 percent from year earlier

Reuters  |  SINGAPORE 

(Reuters) - Singapore's in January fell from a year earlier, due to a drop in motor vehicle sales, data showed on Monday.

Total fell 8.4 percent from a year earlier in January, after rising a revised 6.3 percent in the previous month, according to data from the Department of Statistics.

Sales of motor vehicles fell 9.8 percent from the year before and fell 20.9 percent from December.

Singapore, one of the world's most expensive places to own a vehicle, announced in October last year that it would not allow any growth in its from February, citing the city-state's land scarcity and billions of dollars in planned public transport investments.

The on-year fall was also attributed to the Lunar New Year holidays, which fell in January last year but was celebrated February this year, Department of Statistics said in a press release.

On a month-on-month and seasonally adjusted basis, total fell 5.4 percent in January after rising a revised 0.6 percent in the December.

(Reporting by Fathin Ungku; Editing by Sam Holmes)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 10:35 IST