Switzerland: Retail sales growth wanes in November
January 7, 2021
Retail sales expanded 1.7% year-on-year in calendar-adjusted terms in November (October: +4.3%). The slowdown was largely due to a deterioration in food, beverages, and tobacco sales. In addition, household equipment sales decelerated. The weaker reading in November was likely linked to tougher Covid-19 restrictions.
On a monthly basis, retail sales declined 2.0% in seasonally-adjusted terms in November, contrasting October’s 3.6% expansion. Meanwhile, the trend improved modestly, with the annual average growth of retail sales coming in at plus 0.2% in November, up from October's 0.1%.
Author: Oliver Reynolds, Economist