Singapore’s March retail sales see biggest drop in 22 years due to COVID-19
Singapore’s retail sales in March dropped 13.3 percent compared with the same period last year, the biggest decrease in 22 years due to the impact of the COVID-19 pandemic, according to the Singapore Department of Statistics.
People wear face masks to avoid COVID-19 infection at a supermarket in Singapore on April 3 (Photo: AFP/VNA)
Hanoi (VNA) – Singapore’s retail sales in March dropped13.3 percent compared with the same period last year, the biggest decrease in22 years due to the impact of the COVID-19 pandemic, according to the SingaporeDepartment of Statistics.
Total retail sales in March were estimated at 3.3 billionSGD (2.33 billion USD). Of this, onlineretail sales made up an estimated 8.5 percent, up from 7.4 percent in February.
The fall, the worst since September 1998, was mainly attributedto weakened domestic consumption and falling number of tourists.
Apparel and footwear sales saw the largestdrop, at 41.6 percent, while the sales of food and alcohol also declined, by 41percent.
Butsales at supermarkets and hypermarkets jumped 35.9 percent, due to higherdemand for groceries as more people stayed at home with safe distancingmeasures being implemented, the Department of Statistics noted.
Mini-martsand convenience stores also saw takings increase, by 4.7 percent.
According to a report of the Monetary Authority of Singapore(MAS), the country’s economy will fall into a recession this year due to impacts of the COVID-19 pandemic, resulting in job losses and lowerwages. The MAS forecasted that Singapore’s economic growth could even dip further in the second quarter this year./.
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People wear face masks to avoid COVID-19 infection at a supermarket in Singapore on April 3 (Photo: AFP/VNA)
