Switzerland: Retail sales fall at a sharper rate in August
October 3, 2016
In August, retail sales contracted a seasonally- and working-day adjusted 3.0% over the same month last year. The reading came in below the 2.7% decline seen in July. According to the Federal Statistics Office, August’s figure was driven by a sharp decrease in sales in the non-food sector.
On a sequential basis, retail sales adjusted for seasonal factors decreased 0.6% in August, which followed the flat reading recorded in July. The annual average variation in retail sales declined from a 1.7% contraction in July to a 1.8% decrease in August, which marked the lowest level on record.