Singapore Macro Flash: Feb Retail Sales Outperforms Expectations

Singapore Macro Flash: Feb Retail Sales Outperforms Expectations - Wei Zheng Kit

Feb nominal retail sales beat expectations - Retail sales rose at a faster pace of 4.8%YoY vs. Jan's 2.1% (revised down from 2.3%) outperforming consensus and our expectations for a 2.0% and 0.5% respectively. On a month-on-month, seasonally adjusted (mom SA) basis, retail sales fell by 5.5%, completely reversing Jan's sequential gains of 5.5% (also revised down from 5.8%).

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You can see from the recent surge in COE, how fast it moved from S$20k+ to the current S$34k+ within a month and the sudden robust growth in Singapore. However, it doesn't seem to surge as much for pay re-adjustments or increments though...