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Fast Comment SwedenSeptember puts retail back on track; foreign trade likely added to GDP in third quarter

  1. Plummeting goods imports as car sales stall
  2. Exports sideways in third quarter; all-in-all, it signals a positive net exports contribution to GDP
  3. Retail sales continue on a moderate growth trend
Please see graphs and comments below!



Goods exports flat in third quarter, while imports took a plunge, says monthly trade data. Driving the slowdown in imports is the drop in vehicle sales, a recoil after consumers rushed to by cars before new environmental taxes.




Back to positive consecutive growth in retail after unusually hot summer months. While retail sales appear to be on moderate trend, overall household consumption has been stronger, due to services consumption.


Source: Macrobond


Rebound in durable sales after summer lasted until September, with another positive print, albeit smallish. 


Source: Macrobond


Disclaimer

Johan Löf

Senior Economist

Sweden

jolo22@handelsbanken.se

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