Switzerland: Retail sales contract in January
March 16, 2015
In January, retail sales contracted a seasonally- and working-day adjusted 0.3% over the same month last year. The reading contrasted the revised 1.9% expansion registered in December (previously reported: +2.2% year-on-year) which had marked the fastest increase in six months. According to the Federal Statistics Office, January’s decrease reflected lower sales for non-food items.
On a sequential basis, retail sales adjusted for seasonal factors fell 2.1% in January, which contrasted the 1.0% increase seen in the previous month. Annual average growth in retail sales was stable at December’s 1.0%, thus remaining at the lowest level since January 2010.
Author: Ricardo Aceves, Senior Economist