It follows the tighter circuit breaker measures imposed, softer labour market and dampened consumer appetite, observes OCBC Bank’s Selena Ling who heads its treasury and strategy research arm.
SINGAPORE (July 3): Singapore’s total retail sales value deepened its plummet by 52.1% year-on-year in May, due to the ‘circuit breaker’ measures which restricted the operations of non-essential services throughout the month.
This is a deterioration from the 40.5% contraction registered in April, data released by the Department of Statistics (Singstat) on Friday revealed.
