Switzerland: Retail sales contract less in March
May 18, 2015
In March, retail sales contracted a seasonally- and working-day adjusted 2.8% over the same month last year. The reading was a slight improvement over the revised 3.1% contraction registered in the previous month (previously reported: -2.7% year-on-year). According to the Federal Statistics Office, March’s decrease reflected lower sales of food, drinks and tobacco.
On a sequential basis, retail sales adjusted for seasonal factors rose 0.7% in March, which contrasted the 0.9% decrease seen in the previous month. Annual average growth in retail sales fell from 0.6% in February to 0.1% in March, which marked the lowest level since December 2003.
Author: Dirina Mançellari, Senior Economist