Switzerland: Retail sales deteriorate in February
April 17, 2015
In February, retail sales contracted a seasonally- and working-day adjusted 2.7% over the same month last year. The reading was a deterioration over the revised 0.5% contraction registered in January (previously reported: -0.3% year-on-year) and marked the steepest decrease on record. According to the Federal Statistics Office, February’s decrease reflected lower sales of food and tobacco.
On a sequential basis, retail sales adjusted for seasonal factors fell 1.2% in February, which followed the 2.6% decrease seen in the previous month. Annual average growth in retail sales fell from 0.9% in January to 0.7% in February, which marked the lowest level since October 2009.
Author: Dirina Mançellari, Senior Economist