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.
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