Switzerland: Retail sales notch quickest growth since April 2021 in February
Retail sales grew 12.8% year-on-year in calendar-adjusted terms in February (January: +5.7% c.a. yoy). February’s reading marked the best result since April 2021, but was flattered to a large extent by a favorable base effect, as the country was subject to strict Covid-19 restrictions in the same month of the prior year. Looking at the details of the release, February’s pickup was broad-based. Household equipment and culture and recreation goods output gained steam, while food, beverages, and tobacco production contracted at a softer rate.
On a seasonally-adjusted monthly basis, retail sales rose 0.3% in February (January: -0.3% mom). Meanwhile, annual average retail sales growth rose to 6.6% in February (January: +5.1%). This signals an improving trend in the retail trade sector.