Switzerland: May retail sales mark first contraction in four months
July 8, 2014
In May, retail sales contracted 0.6% annually in seasonally- and working-day adjusted terms. The print contrasted the revised 0.8% expansion observed in April (previously reported: +0.4% year-on-year) and the 1.8% increase the market had expected. The reading marked the first contraction since January and the lowest level in 14 months. According to the Federal Statistics Office, the deterioration in May reflected lower sales of food, beverages and tobacco as well as of non-food items.
On a monthly basis, retail sales plummeted a seasonally-adjusted 1.0%, which followed the revised 0.6% decrease tallied in April (initially reported: -0.9% month-on-month). Annual average growth in retail sales inched down from 1.8% in April to 1.6% in May.
Author: Ricardo Aceves, Senior Economist