Switzerland: Retail sales fall in July
September 3, 2018
On a month-on-month calendar- and seasonally-adjusted basis, real retail sales registered a steep 1.0% contraction in July, after a brief rebound in June which saw sales increase 0.3% (previously reported: +0.5%). According to the press release provided by the Swiss Federal Statistics Office, lower sales of food, drinks and tobacco were responsible for the negative print in July, while sales of non-food products increased marginally.
Calendar-adjusted real retail sales fell 0.3% from the same month a year prior, down from the revised 0.2% expansion observed in June (previously reported: 0.3% year-on-year). Meanwhile, the annual average variation in retail sales remained stable in July at June’s 0.1%.
Author: Joffrey Simonet, Economist