Switzerland: Retail sales slow down in June
August 2, 2012
In June, retail sales grew 3.7% over the same month last year, which represented a deceleration compared to revised 6.4% expansion observed in May (initially reported: +6.2% year-on-year). However, the reading overshot market expectations that had retail sales increasing a softer 2.0%, and mainly reflected weaker growth in sales of non-food items. On a monthly basis, retail sales increased a seasonally adjusted 0.3% in June, weaker than the 1.1% increase recorded in May, confirming the deceleration suggested by the annual data. Despite the slowdown, the trend continues its upward trajectory, with annual average growth in retail sales growing from 1.6% in May to 1.7% in June.