Switzerland: Retail sales rebound in December
February 6, 2015
In December, retail sales expanded a seasonally- and working-day adjusted 2.2% over the same month of the previous year. The reading contrasted the revised 0.6% contraction registered in November (previously reported: -1.2% year-on-year) and marked the fastest increase in six months. Moreover, the print significantly overshot the flat reading the markets had expected. According to the Federal Statistics Office, December’s increase reflected higher sales for both food and non-food items.
On a sequential basis, retail sales adjusted for seasonal factors rose 1.0% in December, which was an improvement over the 0.6% increase seen in November. Annual average growth in retail sales was stable at November’s 1.0%, thus remaining at the lowest level since January 2010.
Author: Ricardo Aceves, Senior Economist