Switzerland: Retail sales rebound in April
June 10, 2013
In April, retail sales increased 3.3% over the same month last year. The print contrasts the 0.8% decline registered in March and represents the fastest reading since December 2012. In addition, retails sales grew quicker than expected, as market analysts had seen retail sales increasing 2.4%. The reading reflected faster growth in sales of non-food items as well as of food, beverages and tobacco. A month-on-month comparison saw retail sales increasing a seasonally adjusted 1.4% in April, which was well above the flat reading observed in March. As a result of the April acceleration, the trend is now pointing upwards, with annual average growth in retail sales rising from 3.1% in March to 3.4% in April. Panellists polled by FocusEconomics expect private consumption to expand 1.5% this year, which is up 0.4 percentage points from last month's projection. For 2014, the panel expects private consumption to increase 1.7%.
Author: Ricardo Aceves, Senior Economist