Switzerland: Retail sales accelerate in March
May 12, 2014
In March, retail sales expanded a seasonally- and working-day adjusted 3.0% over the same month last year. The expansion marked an acceleration compared to the revised 1.2% expansion recorded in February (previously reported: +1.0% year-on-year) and overshot the 2.3% increase the market had expected. The expansion in March reflected an improvement in sales of food, beverages and tobacco and a strong increase in sales of non-food items.
On a sequential basis, retail sales increased a seasonally-adjusted 1.0% over the previous month in March. The reading followed the revised 1.2% expansion observed in February (previously reported: +1.0% month-on-month). Annual average growth in retail sales rose from 1.6% in February to 2.0% in March.
Panelists polled by FocusEconomics expect private consumption to expand 1.9% in 2014, which is up 0.1 percentage points from last month's projection. For 2015, the panel expects private consumption to increase 1.9%.
Author: Ricardo Aceves, Senior Economist