Monday, Swiss retail sales grew 4.7% year-on-year in December, data released by the Federal Statistical Office showed.

ING Bank economist Julien Manceaux pointed out that the latest year-on-year figure was the best since June 2008. The economist expects a subdued employment growth to remain the dark side of the current recovery.

"This should continue to weigh on consumer confidence in the months ahead, which is likely to slow down the recovery," Manceaux said. "Switzerland should nevertheless still grow at a healthy pace in 2010." ING forecast at least 1.5% growth in Swiss GDP for 2010.

Month-on-month, retail sales rose a seasonally adjusted 3.1% in December. Excluding fuel, retail sales grew 4.8% from a year ago in December and 2.7% on a monthly basis.