Switzerland: Retail sales hit 11-month high
January 15, 2014
In November 2013, retail sales increased a seasonally and working-day adjusted 4.2% over the same month of the previous year. The print came in well above the 1.6% expansion observed in October and the 1.6% increase that markets had expected. November's result was the fastest expansion that has been recorded since December 2012. It came against a backdrop of stronger growth in sales of non-food items as well as in sales of food, beverages and tobacco.
On a monthly basis, retail sales jumped a seasonally-adjusted 1.9% in November, which was a marked improvement over to the 0.1% increase observed in October. Meanwhile, the trend points upward, with annual average growth in retail sales inching up from 2.0% in October to 2.1% in November.
Panelists polled by FocusEconomics expect private consumption to expand 2.4% in 2014, which is unchanged from last month's projection. For 2015, the panel expects private consumption to increase 1.8%.
Author: Ricardo Aceves, Senior Economist