Switzerland: Retail sales swing to contraction in August
October 1, 2015
In August, retail sales fell a seasonally- and working-day adjusted 0.3% over the same month last year. The reading contrasted the 0.1% increase seen in July. According to the Federal Statistics Office, August’s decrease reflected lower sales of food, drinks and tobacco.
On a sequential basis, retail sales adjusted for seasonal factors rose 0.5% in August, thus contrasting the 0.6% decrease seen in July. Annual average growth in retail sales fell from a 0.3% decrease in July to a 0.5% drop in August, which marked the lowest level on record.
Author: Dirina Mançellari, Senior Economist