The fact that retail sales volumes grew in year-on-year terms in the Nordic economies in May suggests that the Covid-related drops in consumption may end up being much smaller than we have assumed up to now. Accordingly, the risks to our GDP forecasts for this year are on the upside. Next week, Sweden’s Riksbank is likely to leave its policy settings unchanged on Wednesday morning, while core inflation in Switzerland will have remained rooted in negative territory in June.
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