Singapore's retail sales declined at a slower-than-expected pace in August, data from the Department of Statistics showed Thursday.

Retail sales dropped a seasonally adjusted 0.3 percent month-over-month in August, reversing a 2.9 percent rise in July. Economists had expected a 1.4 percent fall for the month.

Excluding motor vehicles, retail sales slid 1.2 percent on month versus a 2.5 percent growth in July.

Retail sales of watches and jewelery decreased 5.5 percent and sales at department stores decreased by 4.7 percent. Meanwhile, sales at supermarkets registered an increase of 4.0 percent.

On a yearly basis, retail sales growth accelerated to 3.5 percent in August from 1.7 percent in July. The growth was forecast to improve to 2.4 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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