Growth slowed in Q1, but Q2 should be better

Ahead of Q1 GDP releases over the coming weeks, the official monthly data suggest that growth slowed in Switzerland and the Nordics. Indeed, retail sales in Switzerland increased by 0.6% in Q4 last year, but flat-lined in the first three months of this year. In Sweden, monthly data on private sector production point to a slight slowdown in growth, albeit to a still-healthy rate. And in Norway, data on retail sales and manufacturing output suggest that mainland GDP might even have contracted.