Switzerland: Retail sales decelerate in January
March 7, 2014
In January, retail sales expanded a seasonally- and working-day adjusted 0.3% over the same month last year. The expansion marked a sharp deceleration compared to the revised 2.5% increase observed in December (previously reported: +2.3% year-on-year) and represented the slowest pace since March 2013. According to the statistical office, the decrease in sales of non-food items compared to the previous month, offset the increase in sales of food, beverages and tobacco. On a monthly basis, retail sales fell a seasonally-adjusted 1.8% in January, which followed the 0.8% decrease observed in December. Annual average growth in retail sales fell from 1.9% in December to 1.7% in January. Panelists polled by FocusEconomics expect private consumption to expand 1.8% in 2014, which is unchanged from last month's projection. For 2015, the panel expects private consumption to increase 2.0%.
Author: Ricardo Aceves, Senior Economist