Switzerland: Retail sales rebound in May
June 30, 2020
Retail sales grew 6.6% in May in annual terms (April: -18.8% year-on-year). May's print marked the best result since September 2008.
The rebound came on the back of an improvement in food, beverages, and tobacco and household equipment sales, and was driven by an easing of pandemic-related containment measures during the month.
On a monthly basis, retail sales increased 30.7% in seasonally-adjusted terms in May, rebounding from April’s 13.6% fall and marking the best result on record. Accordingly, the trend improved with the annual average variation of retail sales coming in at minus 0.8% in May, up from April's minus 1.4%.
Author: Stephen Vogado, Economist