Switzerland: Retail sales accelerate in October
December 9, 2013
In October, retail sales increased a seasonally and working-day adjusted 1.2% over the same month last year. The print came in above the 1.0% expansion observed in September, but fell short of market expectations of a 2.1% increase. The slight improvement came against a backdrop of stronger growth in sales of non-food items, while sales of food, beverages and tobacco contracted compared to the previous month.
On a sequential basis, retail sales fell a seasonally-adjusted 0.1% in October, which was an improvement compared to the 0.6% decrease observed in September. Meanwhile, the trend continues to point downward, with annual average growth in retail sales inching down from 2.1% in September to 2.0% in October.
Panelists polled by FocusEconomics expect private consumption to expand 2.4% this year, which is unchanged from last month's projection. For 2014, the panel expects private consumption to increase 1.8%, which is also unchanged from last month's forecast.
Author: Ricardo Aceves, Senior Economist