Swedish retails sales drop
Sales fell 0.4 percent from May, Stockholm-based Statistics Sweden said today. They were estimated to grow 0.2 percent in the month, according to a Bloomberg survey of analysts. Annual growth slowed to 0.9 percent from a 4.6 percent jump in May.
Sweden, which relies on sales abroad for about half of its output, sends 70 percent of its exports to Europe. The Swedish central bank held its main rate at 1.5 percent this month, after two cuts since December, and signaled it may ease once again by year-end.
The bank on July 4 raised its economic growth forecast for this year to 0.6 percent from 0.4 percent, and lowered next year’s estimate to 1.7 percent from 1.9 percent.
Source: bloomberg.com
