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Historic Plunge for Singapore Retail Sales Shows Lockdown Pain
- Sales declined 52.1% in May, worse than median survey forecast
- Singapore forecasts economy could contract as much as 7%
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Singapore’s retail sales plunged in May by the most since records began in 1986, signaling the economic hit from lockdown restrictions could be worse than earlier anticipated.
Overall sales plummeted by 52.1% in May from a year earlier, Singapore’s Department of Statistics said in a report Friday, worse than the 47% median in a Bloomberg survey of economists. Purchases fell 21.5% from the previous month, versus forecasts for an 8% decline.