15 Feb '11, 10am

[ST] Retail index surprisingly strong, say economists

[ST] Retail index surprisingly strong, say economists

The retail index grew by 1.8 per cent in December from last year, a reversal from the 2.3 per cent decline in November, the Department of Statistics showed. -- BUSINESS TIME PHOTO: YEN MENG JIIN SHOPPERS opened their wallets to rack up an impressive buying spree during the Christmas spending season. The retail index grew by 1.8 per cent in December from last year, a reversal from the 2.3 per cent decline in November, the Department of Statistics showed. Car sales, dragged down by high Certificate of Entitlement premiums, continued to decline in December, falling 25.1 per cent after a 28.8 per cent drop in November. But take away car sales, December's retail index grew by an even faster rate of 8.6 per cent. Economists said they were surprised by the strong figures in December, as the forecast for overall retail sales among private sector economists was just 0.9 per cent.

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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