Singapore's retail sales fell 3.0 percent year-on-year in November 2018, compared to a 0.1 percent rise in October. It was the first drop in retail trade since August, amid a slump in sales of computer & telecommunication equipment (-22.1 pct vs 0.8 pct in October), motor vehicles (-15.1 pct vs -2.0 pct); and optical goods & books (-4.6 pct vs -1.7 pct). Also, sales contracted in supermarkets (-1.4 pct vs -2.9 pct); and food retailers (-3.7 pct vs 0.7 pct). In addition, purchases at petrol stations slowed sharply (3.1 pct vs 11.4 pct). Meantime, sales grew faster for: medical goods (4.8 pct vs 3.4 pct); furniture (3.3 pct vs 2.2 pct); and watches & jewelry (1.4 pct vs 0.5 pct). At the same time, sales rebounded for wearing apparel (3 pct vs -1.9 pct). Also, sales in department stores rose 8.7 percent, reversing from a 4.0 percent fall in October. Retail Sales YoY in Singapore averaged 5.05 percent from 1986 until 2018, reaching an all time high of 50.90 percent in February of 1988 and a record low of -28.40 percent in February of 1986.
Retail Sales YoY in Singapore is expected to be -1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Retail Sales YoY in Singapore to stand at 4.10 in 12 months time. In the long-term, the Singapore Retail Sales YoY is projected to trend around 3.00 percent in 2020, according to our econometric models.