Switzerland: Retail sales maintain footing in July
September 3, 2012
In July, retail sales expanded 3.2% over the same month last year, which virtually mirrored the revised 3.3% increase recorded in June (previously reported: +3.7% year-on-year) and overshot market expectations that had retail sales growing 1.2%. The print reflected an improvement in sales of non-food items, while sales of food, beverages and tobacco continued to grow, albeit at a slower pace. However, a month-on-month comparison does not corroborate the positive annual reading, as retail sales dropped a seasonally adjusted 0.4% in July, which contrasted the 0.1% increase recorded in June. Meanwhile, the trend continues its upward trajectory, with annual average growth in retail sales growing from 1.6% in June to 1.8% in July.
Author: Armando Ciccarelli, Head of Data Solutions