Switzerland: Retail sales drop at sharpest rate since April 2020 in February
April 1, 2021
Retail sales dived 6.3% year-on-year in calendar-adjusted terms in February, which was a deterioration from January's 0.7% decrease. The outturn marked the sharpest drop since April 2020. February's notable deterioration was primarily driven by contractions in household equipment and culture and recreation goods sales, and came amid the closure of non-essential stores and the hospitality sector.
On a monthly basis, retail sales plummeted 5.2% in seasonally-adjusted terms in February, moderating from January’s 6.4% fall. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at plus 0.8% in February, down from January's 1.4% reading.
Author: Oliver Reynolds, Economist