Switzerland: Retail sales soar in May
July 2, 2012
In May, retail sales jumped 6.2% over the same month last year, which was well above the 0.2% increase seen in April and overshot market expectations of a 5.0% rise. The figure marked, in fact, the fastest growth rate since September 2008. The May acceleration was broad-based, but mostly reflected strong growth in sales of non-food items. A month-on-month comparison confirms the strong expansion suggested by the annual figures, as retail sales expanded a seasonally adjusted 1.0% in May, which contrasted the 1.3% contraction recorded in April. As a result of the monthly acceleration, the trend resumed its upward trajectory, with annual average growth in retail sales rising from 1.1% in April to 1.6% in May.
Author: Ricardo Aceves, Senior Economist