Switzerland: Retail sales contract in November
January 11, 2016
In November, retail sales contracted a seasonally- and working-day adjusted 2.1% over the same month of the previous year. The reading followed the 1.1% decrease seen in October. According to the Federal Statistics Office, November’s decrease reflected falling sales of food, drinks and tobacco.
On a sequential basis, retail sales adjusted for seasonal factors dropped 0.8% in November, thus contrasting the 0.2% increase seen in October. Annual average growth in retail sales fell from a 0.8% decrease in October to a 0.9% drop in November, which marked the lowest level on record.
Author: Dirina Mançellari, Senior Economist