Singapore's retail sales decreased 6.0 percent year-on-year in December 2018, compared to a downwardly revised 2.4 percent drop in November. It was the second straight month of decline in retail trade and the steepest since last January, with sales of motor vehicles declining the most (-20.7 percent vs -15.1 percent), followed by computer & telecommunication equipment (-16.8 percent, the same as in November); recreational goods (-5.8 percent vs -0.6 percent); watches & jewelry (-5.7 percent vs 2 percent); and furniture & household equipment (-3.9 percent vs 3.3 percent). Conversely, sales of medical goods & toiletries increased 1.8 percent, after a 6.9 percent growth in November. On a seasonally adjusted monthly basis, retail trade slumped 3.4 percent in December, reversing a 0.1 percent gain in November. Retail Sales YoY in Singapore averaged 5.02 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.