Singapore’s retail sales may hit 5.6% in September
Standard Chartered expects retail sales to have remained strong as credit-card spending was up 10.3%.
Similarly, tourist arrivals were a healthy 9.1% in September.
Here’s more from Standard Chartered:
| We project a headline print of 5.6% y/y. Excluding autos, we forecast an increase of 8.9% y/y. The labour market in Singapore remains firm; the preliminary unemployment rate for Q3 fell to 2.0%, from 2.1% in Q2. Tourist arrivals were a healthy 9.1% y/y in September, although this is the lowest y/y increase since November 2009. Similarly, credit-card spending was up 10.3% y/y, but this is the lowest increase since October 2009. While this data should support retail spending, continued deterioration in the euro-area debt crisis – which has already affected economic activity – should result in lower spending versus the levels seen in Q2 this year.
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