Switzerland: Retail sales decelerate in May
July 9, 2013
In May, retail sales increased a seasonally and working-day adjusted 1.8% over the same month last year. The print represents a slowdown compared to the revised 3.1% expansion registered in April (previously reported: +3.3% year-on-year) and fell short of market expectations, which had seen sales increasing 1.9%. The reading shows how a deterioration in sales of food, beverages and tobacco, offset healthy growth in sales of non-food items.
A month-on-month comparison saw retail sales dropping a seasonally adjusted 0.1% in May, which contrasts 1.3% expansion registered in the previous month.
As a result of the May deceleration, the trend is now pointing downwards, with annual average growth in retail sales falling 3.4% in April to 3.0% in May.
Panellists polled by FocusEconomics expect private consumption to expand 1.5% this year, which is up 0.4 percentage points from last month's projection. For 2014, the panel expects private consumption to increase 1.7%.
Author: Ricardo Aceves, Senior Economist