Switzerland: June retail sales expand strongly
August 11, 2014
In June, retail sales increased 3.4% over the same month last year in seasonally- and working-day adjusted terms. The print contrasted both the revised 0.5% contraction observed in May (previously reported: -0.6% year-on-year) and the timid 0.4% increase the markets had expected. According to the Federal Statistics Office, the strong improvement in June reflected robust growth in sales of food, beverages and tobacco as well as of non-food items.
A month-on-month comparison confirms the strong improvement suggested by the annual data: retail sales increased a seasonally-adjusted 2.9% in June, which contrasted the 1.0% contraction tallied in May. Annual average growth in retail sales inched up from 1.7% in May to 1.8% in June.
Author: Ricardo Aceves, Senior Economist