The retail sales of Singapore in Friday witnessed the steepest fall in more than 12 years on a month-on-month basis as the consumption witnessed a fall in consumption across categories such as apparel, cosmetics due to the coronavirus or COVID-19 pandemic.

On a seasonally adjusted basis retail sales declined 8.9 percent in February from the previous month, data from the Singapore Department of Statistics showed, the biggest drop since July 2007. Retail sales fell 8.6 percent on a year-on-year basis.

Coronavirus crisis

Singapore
Singapore Pixabay

The coronavirus outbreak has infected over a million people worldwide and has claimed the lives of more than 53,000 people globally. The virus is spreading like wildfire and US has reported the most number of cases in the North American country.

(With agency inputs)