Slump in car sales drags down Singapore’s overall retail sales
Contraction penciled at 1.9% YoY.
Car sales have continued to decline over the past few months due to higher COE premiums.
UOB forecasts a 1.9% y/y contraction in overall retail sales as the decline in car sales continue to hamper retail values.
Nevertheless, if car sales are excluded, UOB estimates retail sales may grow a better 1.6% y/y, from the 2.1% y/y contraction seen in June.