Singapore retail sales fall 10 percent in May
SINGAPORE -- Singapore retail sales dropped for an eighth consecutive mouth in May as recession-weary shoppers stayed away from big-ticket items such as cars and jewelry. The statistics department said Wednesday that retail sales fell 10.3 percent from a year earlier after dropping 11.7 percent in April and 7.3 percent in March.
Singapore said Tuesday that its gross domestic product rose an annualized 20 percent in the second quarter from the previous quarter as the city-state broke out of a year-long recession.
The growth was led by a surge in pharmaceutical production, while employment and consumer spending will likely lag. GDP shrank 3.7 percent from a year earlier.
SINGAPORE -- Singapore retail sales dropped for an eighth consecutive mouth in May as recession-weary shoppers stayed away from big-ticket items such as cars and jewelry. The statistics department said Wednesday that retail sales fell 10.3 percent from a year earlier after dropping 11.7 percent in April and 7.3 percent in March.
Singapore said Tuesday that its gross domestic product rose an annualized 20 percent in the second quarter from the previous quarter as the city-state broke out of a year-long recession.
The growth was led by a surge in pharmaceutical production, while employment and consumer spending will likely lag. GDP shrank 3.7 percent from a year earlier.
