Switzerland: Retail sales accelerate in August
October 2, 2012
In August, retail sales expanded 5.9% over the same month last year, which was well above the revised 2.9% increase recorded in July (previously reported: +3.2% year-on-year) and overshot market expectations that had seen retail sales increasing 5.0%. The acceleration was broad based, with both sales of non-food items as well as of food, beverages and tobacco items recording faster growth. A month-on-month comparison confirms the improvement suggested by the annual figures, as retail sales expanded a seasonally adjusted 0.5% in August, which contrasted the 0.6% contraction recorded in July. As a result of the August acceleration, the trend continues its upward trajectory, with annual average growth in retail sales rising from 1.8% in July to 2.3% in August.
Author: Ricardo Aceves, Senior Economist