Switzerland: Annual decline in retail sales softens in May
Retail sales slid 1.1% year on year in calendar-adjusted terms in May, which was a less pronounced drop than April’s 4.0% decrease. The reading was largely driven by a weaker contraction in food, beverages, and tobacco sales. In addition, household equipment sales fell at a softer rate.
On a seasonally adjusted monthly basis, retail sales rebounded, rising 2.1% in May (April: -2.2% mom), the best result since October 2021. Meanwhile, the trend improved, with the annual average variation of retail sales coming in at minus 1.0%, up from April’s minus 1.1%.