SINGAPORE: Singapore’s retail sales plunged in May by the most since records began in 1986, signalling 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, worse than the 47% median in a Bloomberg survey of economists. Purchases fell 21.5% from previous month, versus forecasts for an 8% decline.
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