Economists had forecast July's monthly retail sales to fall after seasonal adjustments. -- PHOTO: ST
SINGAPORE'S July retail sales were unchanged from June after seasonal adjustments, as weaker car sales offset stronger sales at petrol stations that were boosted by high oil prices.
The data comes after retail sales were also unchanged in June compared to the previous month. From a year ago, the July index rose 11.8 per cent, compared to a 3.2 per cent fall in June, data from the Singapore government showed on Monday.
Economists had forecast July's monthly retail sales to fall after seasonal adjustments as lower oil prices and weaker consumer sentiment on the back of slowing economy weighed on sales.
Excluding motor vehicle sales, the July index was 2.4 per cent higher, after adjustment for seasonal patterns, following a 2.2 per cent fall in June, the Department of Statistics said. -- REUTERS