Singapore sees record business slump in May due to pandemic – dpa international

Singapore skyline over Marina Bay (Simon Roughneen)

KUALA LUMPUR — Commerce in Singapore hit a new low in May due to the coronavirus pandemic and worldwide lockdowns, going by a widely-cited business yardstick published on Wednesday. The IHS Markit Purchasing Managers’ Index (PMI) – based on a survey of 400 businesses about new orders, output, employment, suppliers’ delivery times and stocks of purchases – dropped to 27.1 during May. Any reading below 50 suggests economic contraction.  IHS Markit said that the decline was because “demand for goods and services plummeted at an unprecedented rate” due to the pandemic. The impact of a lockdown that ran from April 7 until Tuesday saw new orders collapse in May – when “firms remained firmly in retrenchment mode, reducing staff numbers and input purchasing.”

Singapore’s March sales slump hints at worse to come – dpa international

KUALA LUMPUR — Singapore’s retail sales fell by 13.3 per cent year-on-year in March, a sign that the new coronavirus pandemic was walloping the economy even before a government-imposed lockdown in April. The March sales slump in South-East Asia’s richest nation came on the back of a collapse in international travel, which typically brings visitors keen to splash out in Singapore’s array of plush malls. The Department of Statistics, which published the data on Tuesday, attributed the decline to “weaker domestic consumption and fewer tourist arrivals as a result of the Covid-19 outbreak.”