Services sales fall significantly again in February
Published: Thursday, May 2nd 2024, 09:00
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Swiss service companies recorded a further significant decline in turnover in February. Compared to January, the pace has accelerated again slightly.
Adjusted for working day effects, turnover in services fell by 11.0% in February compared to the same month last year. According to the Federal Statistical Office (FSO) on Thursday, commodities trading was the main contributor to this development.
The negative trend in total service sales thus continued and at the same time accelerated again compared to January. At the beginning of the year, the decline was still at a revised 9.4%, in December at 6.3% and in November at 10.2%. The biggest drop in the previous year was in August at -12.8%, the smallest in January at -1.0%.
The "trade" economic sector, which includes commodities trading, recorded a decline of 16.8%. The "information and communication" sector fell by 3.4% and the "real estate and housing" sector by 1.8%. The "provision of other economic services" also declined (-3.5%).
However, the "transportation and warehousing" sector posted a positive result for the first time in seven months (+0.9%). Turnover in "Hotels and restaurants" also increased by 0.7% compared to the same period last year. Finally, the "provision of professional, scientific and technical services" also increased (+4.3%).
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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