Switzerland: Retail sales slow sharply in July
September 9, 2013
Retail sales increased a seasonally and working-day adjusted 0.8% over the same month last year. The reading marked a deceleration compared to the 2.3% expansion observed in June but was slightly above market expectations of a 0.6% rise. The monthly reading mainly reflected a notable deceleration in sales of non-food items, whereas sales of food, beverages and tobacco improved over the previous month.
A month-on-month comparison points to an even sharper deterioration than the deceleration suggested by the annual data. Retail sales contracted a seasonally-adjusted 1.0% in July, which contrasted the 0.5% increase tallied in June.
As a result of the slowdown in July, the trend now points downwards, with annual average growth in retail sales inching down from 2.9% in June to 2.7% in July.
Panelists polled by FocusEconomics expect private consumption to expand 2.1% this year, which is up 0.1 percentage points from last month's projection. For 2014, the panel expects private consumption to increase 1.6%.
Author: Ricardo Aceves, Senior Economist