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Singapore’s August retail sales falls 2.8% y-o-y, first decline in months

Atiqah Mokhtar
Atiqah Mokhtar10/5/2021 1:55 PM GMT+08  • 4 min read
Singapore’s August retail sales falls 2.8% y-o-y, first decline in months
The fall was driven by lower motor vehicle sales that corresponded with the lower COE quota this year.
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Singapore’s total retail sales value declined 2.8% y-o-y to $3.4 billion in August, according to data from the Department of Statistics (SingStat) reported on Oct 5.

This marks the first y-o-y decline since January and a reversal from the 0.2% y-o-y growth recorded in July. Singstat attributes the decline in August mainly due to lower motor vehicle sales that corresponded with the lower Certificate of Entitlement (COE) quota this year. Sales of motor vehicles recorded a y-o-y decline of 17.5% in August.

Excluding motor vehicles, retail sales amounted to about $2.9 billion, staying flat compared to July.

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