Singapore retail sales fall as car purchases slump

Singapore's retail sales unexpectedly declined in November as rising oil prices curbed purchases of motor vehicles. The retail sales index dropped 0.3% from a year earlier, after gaining 3.8% in October, the Statistics Department said today [15 Jan 2008]. That was below the median forecast of a 3.5% increase in a Bloomberg News survey of 11 economists. Excluding vehicles, sales gained 11.8%.

Oil prices breached $100 a barrel this month, increasing fuel and transport costs for consumers. The Singapore government doesn't subsidize pump prices, leading petrol companies to pass on the rising gasoline and diesel costs to car owners. Vehicle sales in November dropped 21.9% from a year ago. From the previous month, vehicle sales fell 12.9%.

Look how vehicle sales have literally jumped off the cliff. If you have just bought a car here, or are going to buy one, the residents of Singapore have to thank you for helping to support the economy.

Also look how the economists are getting more and more surprised these days. First, they said that the GDP unexpectedly shrank, and now they say that retail sales unexpectedly declined. In between, they have been saying that inflation has gone up to unexpectedly high levels.

We're having fun.

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