Switzerland: Retail sales accelerate in June
August 12, 2013
In June, retail sales increased a seasonally and working-day adjusted 2.3% over the same month last year. The reading represents an acceleration over the revised 1.5% increase observed in May (previously reported: +1.8% year-on-year) and overshot market expectations of a 1.8% increase. The monthly reading mainly reflects faster growth in sales of non-food items, while sales of food, beverages and tobacco deteriorated over the previous month.
On a sequential basis, retail sales increased a seasonally adjusted 0.5% in June, which contrasts the 0.3% contraction observed in May.
In spite of the acceleration in June, the trend points downwards, with annual average growth in retail sales falling from 3.0% in May to 2.9% in June.
Panellists 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