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December 16, 2009

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Singapore retail sales slump softens

SINGAPORE retail sales fell for a 13th consecutive month in October, but the drop was smaller than the previous month amid an economy poised to grow for the third quarter.

Retail sales fell 4.4 percent from a year earlier after dropping 12 percent in September and 4.7 percent in August, the statistics department said yesterday.

Sales rose a seasonally adjusted 6 percent from September.

Some retailers are beginning to see sales pick up ahead of the holiday season.

The Southeast Asian city-state's economy has rebounded from recession and is trying to build momentum for next year, when the government expects growth of as much as 5 percent.


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