Car sales hit the brakes

Retail sales are being dragged with motor vehicle sales falling by an average of 30% in recent months.

DBS Group Research said, “If we exclude motor vehicle from the overall retail sales calculation, sales has in fact been growing at a healthy pace of about 7.5%. In other words, the huge drag from motor vehicle sales has distorted an otherwise healthy improvement in the overall retail sales index.”

Falling car sales were said to be a result of higher COE prices.

View the graph here.

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