Switzerland: Retail sales fall in July
September 9, 2014
In July, retail sales contracted 0.6% over the same month last year in seasonally- and working-day adjusted terms. The print contrasted both the revised 3.3% expansion observed in June (previously reported: +3.4% year-on-year) and the 2.6% increase the markets had expected. According to the Federal Statistics Office, the deterioration in July reflected decreasing growth in sales of food, beverages and tobacco as well as of non-food items.
A month-on-month comparison confirms the deterioration suggested by the annual data: retail sales fell a seasonally-adjusted 3.4% in July, which contrasted the 3.2% expansion tallied in June (previously reported: +2.9% month-on-month). Annual average growth in retail sales inched down from 1.7% in June to 1.6% in July.
Author: Ricardo Aceves, Senior Economist