Switzerland: Retail sales contract in May
July 16, 2015
In May, retail sales dropped a seasonally- and working-day adjusted 1.8% over the same month last year. The reading came in below the milder 0.1% decline seen in April. According to the Federal Statistics Office, May’s decrease reflected lower sales of food, drinks and tobacco as well as in the non-food sector.
On a sequential basis, retail sales adjusted for seasonal factors fell 1.4% in May, contrasting the 0.9% increase seen in April and marking a four-month low. Annual average growth in retail sales inched down from a flat reading in April to minus 0.1% in May.
Author: Dirina Mançellari, Senior Economist