Switzerland Retail


Switzerland: Retail sales weaken in September

October 7, 2014

In September, retail sales expanded 0.3% over the same month last year in seasonally- and working-day adjusted terms. The reading came in below the revised 1.5% expansion tallied in August (previously reported: +1.9% year-on-year) and was only a fraction of the 1.0% expansion the markets had expected.

According to the Federal Statistics Office, the deceleration in September mainly reflected a softer increase in sales of non-food items. Sales of food bounced back and expanded in September from a mild contraction in August.

A month-on-month comparison points to a sharper deterioration than the slowdown suggested by the annual data: retail sales fell a seasonally-adjusted 0.9% in September, which contrasted the 1.8% expansion tallied in August. Annual average growth in retail sales inched down from 1.6% in August to 1.5% in September.

Panelists polled by FocusEconomics expect private consumption to expand 1.8% in 2014, which is unchanged from last month’s projection. For 2015, the panel expects private consumption to increase 1.9%, which is unchanged from last month’s Consensus.

Author:, Senior Economist

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Switzerland Retail Chart

Switzerland Retail September 2014

Note: Year-on-year changes and annual average variation of retail sales in %.
Source: Swiss Federal Statistics Office (BFS).

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