The retail sales in Singapore in the month of March fell at the biggest pace in more than 20 years on an annual basis, the official data stated on Tuesday, as the consumption, mostly the discretionary items like clothes and jewellery fell because of the coronavirus or COV ID-19 outbreak.
Retail sales fall in Singapore due to Coronavirus
Retail sales fell 13.3 percent on a year-on-year basis, the biggest drop since September 1998, data from the Singapore Department of Statistics showed. On a seasonally adjusted basis, retail sales declined 1.3 percent in March from the previous month.
The deadly virus outbreak has created a major stir around the world claiming the lives of more than 250,000 people and infecting over 3.5 million people worldwide. The outbreak has been described by the WHO as a pandemic.
(With agency inputs)