Switzerland: Retail sales decline in May
On a month-on-month, calendar- and seasonally-adjusted basis, real retail sales swung from a 0.4% expansion in April to a steep 1.3% contraction in May. According to the press release provided by Swiss Federal Statistics Office, a contraction in sales of food, drinks and tobacco, along with non-food products, was behind the monthly decline in retail sales.
In May, calendar-adjusted real retail sales contracted 0.1% from the same month a year prior, contrasting the revised 2.9% expansion observed in April (previously reported: +2.2% year-on-year). Meanwhile, the annual average variation in retail sales remained unchanged in May at the 0.2% print observed in April.