Strong showing for retail trade
Swiss retail sales rose four per cent in November year on year, a further indication that the economy is staging a strong recovery. Food and drink sales showed a major increase.
Swiss retail sales rose four per cent in November year on year, a further indication that the economy is staging a strong recovery.
Sales were up by 1.5 per cent when adjustments were made for the number of shopping days, according to the federal statistics office. It said November 1999 had one more shopping day than the previous year.
“Retail sales in Switzerland are the only indication we have about the strength of private consumption demand, which accounts for about 60 per cent of GDP in Switzerland”, explained Marcus Allenspach, an economist at Cantrade private bank.
“Consumer confidence has been increasing compared to last summer and so we have had a very strong second half of the year in Switzerland and we are getting even better this year so it is pretty bullish for the Swiss economy.”
The strongest performing sector was food and drink where sales figures were up 5.6 per cent.
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