Switzerland: Retail sales accelerate in February
April 9, 2013
In February, retail sales expanded 2.4% over the same month last year. The figure marked an acceleration compared to the revised 2.0% expansion tallied in January (previously reported: +1.9% year-on-year), but fell a notch short of market expectations that had retail sales growing 2.5%. The reading reflected faster growth in sales of non-food items, while sales of food, beverages and tobacco remained virtually unchanged over the previous month.
On a month-on-month basis, retail sales declined 0.2% in February in seasonally adjusted terms, which followed the 0.5% drop recorded in January.
As a result of the February acceleration, the trend improved slightly, with annual average growth in retail sales inching up from 3.5% in January to 3.6% in February.
Panellists polled by FocusEconomics expect private consumption to expand 1.5% this year, which is up 0.4 percentage points from last month's projection. For 2014, the panel expects private consumption to increase 1.7%.
Author: Ricardo Aceves, Senior Economist