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Economic news
01.10.2024

Swiss retail sales growth unexpectedly accelerated in August

Data published by the Federal Statistical Office (FSO) showed that in August the growth of real retail sales (adjusted for sales days and holidays) accelerated to 3.2% per year compared with +2.9% in July (revised from +2.7%). This was the strongest growth since February 2022. Economists had expected a 2.6% increase. The increase in real growth can be explained by the declining inflation. Meanwhile, on a monthly basis, real retail sales rose by 0.4% after an increase of 1.4% a month earlier.

The data also showed that adjusted for sales days and holidays, retail sales excluding service stations increased by 3.2% per year in real terms. As for sales of food, beverages and tobacco products, they increased by 2.5% per annum in real terms, while sales of non-food products increased by 2.6% per annum in real terms.

Meanwhile, seasonally adjusted retail sales excluding service stations increased by 0.2% (in real terms) relative to September. Sales of food, beverages and tobacco increased by 0.6% m/m in real terms, while sales of non-food products fell by 0.4% (in real terms) compared to July.

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