Switzerland: Retail sales drop at sharpest rate since July in December
Retail sales slid 0.4% year-on-year in calendar-adjusted terms in December, which contrasted November’s 5.3% increase. December’s outturn marked the worst reading since July. December’s notable deterioration was largely due to drops in food, beverages, and tobacco and household equipment sales. This more than offset strong growth in the culture and recreation subsector.
On a monthly basis, retail sales fell 2.0% in seasonally-adjusted terms in December, which was significantly below November’s 1.2% expansion and marked the worst result since July. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 4.6% in December, down from November’s 5.3%.