Switzerland: Growth in retail sales remains subdued
December 8, 2014
In October, retail sales expanded 0.3% annually in seasonally- and working-day adjusted terms. The reading came in below the revised 0.5% expansion tallied in September (previously reported: +0.3% year-on-year) but was better than the zero growth the markets had expected.
According to the Federal Statistics Office, the deceleration in October mainly reflected softer growth in sales of non-food times, while retail sales of food improved compared to the previous month.
On a monthly basis, retail sales adjusted for seasonal factors were flat over the previous month. The reading came in above the 0.8% decrease registered in the previous month.
Annual average growth in retail sales inched down from 1.5% in September to 1.4% in October.
Author: Ricardo Aceves, Senior Economist