Switzerland: Retail sales grow at record pace in April
Retail sales rose 35.7% year-on-year in calendar-adjusted terms in April (March: +23.1% c.a. yoy), aided by the favorable base effect. The figure marked the best result on record. Looking at the details of the release, April’s pickup was broad-based, with food, beverages, and tobacco, household equipment and culture and recreation goods sub-sectors all accelerating.
On a monthly basis, retail sales fell 4.4% in seasonally-adjusted terms in April, contrasting March’s 22.3% expansion. Meanwhile, the trend improved, with the annual average growth of retail sales coming in at plus 6.9%, up from March’s 2.9% reading.