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Retail Sales Continue Gradual Improvement, But Remain Weak

SWEDEN
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Swedish retail sales volume rose 0.4% M/M SA in January, after December's figures were revised up 0.2pp to 0.0%. There was no consensus for the print. On an annual basis, sales remained negative but improved to -1.2% Y/Y (vs -2.2% in December).

  • While still weak relative to pre-pandemic levels, the retail sector has shown gradual signs of recovery, with improvements in the Economic Tendency Indicator retail confidence metric mirrored by hard data in annual and 3m/3m comparisons.
  • 3m/3m SA retail sales rose 0.6% in January, versus 0.5% in December and -0.7% in November. The press release notes that retail sales of consumable goods fell -0.3% 3m/3m, but retail sales of durable goods rose 0.2% 3m/3m.
  • A reminder that consumption was +0.7% Q/Q in the Q4 GDP release, which appears to have surprised analysts on the upside. The improvement was largely driven by housing and energy components, but goods consumption also rose Q/Q and improved to -0.8% Y/Y (vs -5.6% in Q3).



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Swedish retail sales volume rose 0.4% M/M SA in January, after December's figures were revised up 0.2pp to 0.0%. There was no consensus for the print. On an annual basis, sales remained negative but improved to -1.2% Y/Y (vs -2.2% in December).

  • While still weak relative to pre-pandemic levels, the retail sector has shown gradual signs of recovery, with improvements in the Economic Tendency Indicator retail confidence metric mirrored by hard data in annual and 3m/3m comparisons.
  • 3m/3m SA retail sales rose 0.6% in January, versus 0.5% in December and -0.7% in November. The press release notes that retail sales of consumable goods fell -0.3% 3m/3m, but retail sales of durable goods rose 0.2% 3m/3m.
  • A reminder that consumption was +0.7% Q/Q in the Q4 GDP release, which appears to have surprised analysts on the upside. The improvement was largely driven by housing and energy components, but goods consumption also rose Q/Q and improved to -0.8% Y/Y (vs -5.6% in Q3).