Fall by 7.3% seen in Singapore retail sales during March

Fall by 7.3% seen in Singapore retail sales during MarchIn the midst of a deep recession as shoppers limited their spending, a fall was but to worsen in Singapore retail sales during the month of March.

On Friday statistics department informed that a fall by 7.3% was seen in retail sales from a year earlier after a 5.5 percent fall in February.

Via a statement, the department specified that a fall by 23% was seen in sales of furniture and household equipment, while apparel and footwear plunged 15 percent and watches and jewelry dropped 26 percent.

A fall by seasonally adjusted 5.1% from February was seen in sales.

“Singapore's gross domestic product plunged a seasonally adjusted, annualized 19.7 percent in the first quarter from the previous quarter - the country's worst contraction since splitting from Malaysia in 1965 - as a collapse in demand from the U.S., Europe and Japan hit the country's exports,” concluded the department via the statement.

(via TopNews Singapore. Contributed by Senthil Kumar)