Switzerland: Retail sales slow unexpectedly in September
November 7, 2013
In September, retail sales increased a seasonally and working-day adjusted 1.0% over the same month last year. The print came in below the revised 2.5% expansion observed in August (previously reported: +2.4% year-on-year) and the 2.6% expansion the market had expected. The deceleration comes against a backdrop of weaker growth in sales of non-food items, while sales of food, beverages and tobacco contracted compared to the previous month.
On a monthly basis, retail sales fell a seasonally-adjusted 0.7% in September, which contrasts the 1.5% increase observed in August. As a result of the deceleration in September, the trend continues to point downward, with annual average growth in retail sales falling from 2.4% in August to 2.1% in September.
Panelists polled by FocusEconomics expect private consumption to expand 2.4% this year, which is unchanged from last month's projection. For 2014, the panel expects private consumption to increase 1.8%, which is also unchanged from last month's forecast.
Author: Ricardo Aceves, Senior Economist