Switzerland: Contraction in retail sales slows in May
July 1, 2016
In May, retail sales contracted a seasonally- and working-day adjusted 1.6% over the same month last year. The reading came in above the 2.2% decline seen in April and represented the tenth consecutive contraction. According to the Federal Statistics Office, May’s drop reflected a decrease in sales of non-food items, while food, drinks and tobacco sales inched up.
On a sequential basis, retail sales adjusted for seasonal factors increased 0.2% in May, which reversed the 0.2% fall seen in April. The annual average variation in retail sales deteriorated slightly from a 1.0% contraction in April to a 1.1% decrease in May.