Swedish retail sales rose in the month of December, coming in above consensus expectations. On a sequential basis, the retail sales rose 0.5 percent, as compared with consensus expectations of a fall of 0.9 percent and November’s print of a fall of 0.3 percent.
On a year-on-year basis, the retail sales rose 3.4 percent, an acceleration from November’s print of 1.8 percent. Moreover, November’s data was upwardly revised from -0.4 percent sequentially to -0.3 percent, and 1.3 percent year-on-year to 1.8 percent.
In 2018, December sales were low, which partially explains the solid year-on-year reading. However, the outcome is solid, and retail sales were on a decent upward trend for most of 2019, noted Nordea Bank in a research report.
Consumers have a solid financial situation and there are reasons to believe that the upward trend will continue, added Nordea Bank.
