Singapore’s retail sales rose by 19 percent year-on-year in February, recording its first double-digit growth since last July.
The dramatic increase in growth, up from a more modest 1.8 percent increase recorded in January, was largely due to a strong growth in motor vehicles, but economists were more grounded about the data released by the Department of Statistics on Friday.
"The growth is largely due to a base effect and a shift in the Chinese New Year period from last year, when it was in February. So it is the fewer days of business then which exaggerates the rebound," said Song Seng Wun, executive director and regional economist with CIMB Research.
(Source: The Business Times)