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Fall in Singapore retail sales by 10pct in May
Fall in Singapore retail sales by 10pct in May

The month of May saw Singapore retail sales falling 10% since the shoppers, who were affected by the recession, stayed away from big-ticket items such as cars and jewelry.

On Wednesday, the statistics department declared that a fall by 10.3% has been noticed in retail sales, from a year earlier - with sales dropping 11.7 percent in April and
7.3 percent in March.

Via a statement, the department said: "Sales of motor vehicles fell 24 percent, jewelry and watches dropped 17 percent, and apparel and footwear slid 6.8 percent."

On Tuesday, Singapore announced that a rise in its gross domestic product was an annualized seasonally adjusted 20 percent in the second quarter, after the city came out of a year-long recession.

While there is a huge possibility that employment and consumer spending in Singapore will continue to lag, the growth was essentially led by a surge in pharmaceutical production.