Swiss Retail Sales Growth Slows More Than Expected In June

Monday, the Federal Statistical Office said in a report that Switzerland`s inflation adjusted retail sales rose 0.7% year-on-year in June, at a slower pace compared to 7.4% rise recorded in May. A year earlier, sales had risen 5.1%. Economists had expected the growth to slow to 3.3% for June.

When adjusted for inflation and the number of shopping days, retail sales rose 4.7% year-on-year in real terms.

In June, sales of food, drinks and tobacco rose 2.5% and that of clothes and textiles was up 0.6%. Sales of other products edged up 0.1%.

Further, the statistical office said retail sales rose real 2.7% year-on-year in the second half of the year after adjusting for inflation. In nominal terms, sales grew 4.4%.

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