Services sales fall significantly again in January 2024
Published: Tuesday, Apr 2nd 2024, 08:50
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Swiss service companies recorded a further significant decline in turnover in January 2024. The pace has accelerated again slightly compared to December.
Adjusted for working day effects, turnover in services fell by 9.7% in January compared to the same month last year. Wholesale trade was the main contributor to this development, as reported by the Federal Statistical Office (FSO) on Tuesday.
The negative trend in total service sales thus continued and at the same time accelerated again compared to December. At the end of the year, the decline was still a revised 6.4%, in November it was 10.0% and in October 10.6%. The biggest drop in the past year was in August at -12.8%, the smallest in January at -1.0%.
The "Trade" economic sector recorded a decline of 16.4% and the "Transport and storage" sector also performed negatively (-7.9%). In contrast, turnover in the "hospitality/accommodation and gastronomy" sector increased by 2.6% compared to the same period last year. The "information and communication" sector also reported a positive result with an increase of 1.7%. Meanwhile, the "real estate and housing" sector reported falling turnover figures (-6.3%), while the "provision of professional, scientific and technical services" sector performed positively (+14.2%).
The FSO's service turnover statistics (DLU) are monthly economic statistics that describe the development of turnover in the service sector. It has been published since 2023.
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