Switzerland: Retail sales accelerate in August
October 8, 2013
In August, retails sales expanded a seasonally and working-day adjusted 2.4% over the same month last year. The reading was well above the revised 0.6% increase observed in July (previously reported: +0.8% year-on-year) and was on par with market expectations. The acceleration reflects faster growth in sales of non-food items, whereas sales of food, beverages and tobacco deteriorated compared to the previous month. On a monthly basis, retail sales increased a seasonally-adjusted 1.5% in August, which contrasts the 1.1% decrease registered in July. Despite the acceleration in August, the trend points downward, with annual average growth in retail sales falling from 2.7% in July to 2.4% in August. Panelists polled by FocusEconomics expect private consumption to expand 2.1% this year, which is up 0.1 percentage points from last month's projection. For 2014, the panel expects private consumption to increase 1.6%.
Author: Ricardo Aceves, Senior Economist