Singapore Retail Sales Growth Slows, FY Outlook Seems Intact -- Market Talk

Dow Jones05-03

0829 GMT - Singapore's retail sales rose on year for a third straight month in March, but at a slower pace, slightly underwhelming expectations. There had been some anticipation of a "wow factor" in the data, given big events held during that month, UOB economists Alvin Liew and Jester Koh say in a note. Retail sales rose 2.7% on year versus February's 8.6% surge and fell 1.0% on month. A decline in Chinese tourist arrivals and distortions from the Lunar New Year likely contributed to the unremarkable data, UOB says. It still expects 2024 retail sales to grow 3.0%, up from 2.2% in 2023, expecting both domestic and external support to buoy retailers.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

May 03, 2024 04:29 ET (08:29 GMT)

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A decline in Chinese tourist arrivals and distortions from the Lunar New Year likely contributed to the unremarkable data, UOB says. 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There had been some anticipation of a \"wow factor\" in the data, given big events held during that month, UOB economists Alvin Liew and Jester Koh say in a note. Retail sales rose 2.7% on year versus February's 8.6% surge and fell 1.0% on month. A decline in Chinese tourist arrivals and distortions from the Lunar New Year likely contributed to the unremarkable data, UOB says. 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