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Swiss Retail Sales Decline Most Since Late 2016

Switzerland's retail sales declined at the fastest pace since late 2016 in September, the Federal Statistical Office reported on Friday.

Retail turnover fell 2.7 percent year-on-year in September after a revised 0.5 percent rise in August. This was the biggest fall since December 2016, when sales were down 4.2 percent.

Economists had forecast a marginal 0.1 percent decline.

Sales of food, beverages and tobacco slid 2.4 percent, whereas non-food sales decreased 3.9 percent in September.

Retail turnover logged an annual fall of 2.3 percent in nominal terms, which was also the sharpest decrease since December 2016.

Month-on-month, real retail turnover dropped 1.6 percent in September after a stagnating in August. In nominal terms also, retail turnover fell 1.6 percent.

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