Switzerland: Retail sales grow weaker than expected
January 16, 2013
In November, retail sales expanded 2.9% over the same month the previous year, which marked a slight improvement compared to the 2.7% expansion recorded in October. However, the reading disappointed but contrasted market expectations of a 3.4% rise. The monthly expansion mainly reflected an acceleration in sales of food, beverages and tobacco.
On a monthly basis, retail sales increased a seasonally adjusted 0.5% in November, which contrasted the 0.4% drop recorded in October.
As a result of the November improvement, the trend continues to point upwards, with annual average growth in retail sales rising from 3.0% in October to 3.1% November.
Author: Ricardo Aceves, Senior Economist