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Another disappointing reading from the Swiss economy this morning.
Year-on-year retail sales in Switzerland contracted for the second consecutive month at the start of 2107, following on from the news that the economy grew at a slower than expected pace at the close of last year.
Sales shrank by 1.4 per cent in January compared to the same month last year, following a 4.1 per cent tumble in December in the non-eurozone economy. Excluding fuel, January’s sales were 1.8 per cent lower compared to January 2016.
Data released earlier this morning revealed quarterly GDP expanded by just 0.1 per cent in the last three months of the year, far below a 0.4 per cent forecast.
Switzerland’s slowdown in consumer spending contrasts with much of the eurozone, where households have been driving a robust economic recovery over the last six months.
In February, a measure of economic sentiment in the single currency area climbed to its highest level since the eurozone debt crisis in March 2011, according to figures from the European Commission.
Chart via Bloomberg