The lack of a see-saw pattern in Nordic retail sales data since February stands in stark contrast to the situation in Switzerland and supports our view that the Nordic economies have fared comparatively well during the crisis. Next week, the main data release of interest is Q2 GDP from Sweden on Wednesday; while the risks to our forecast of a 4% q/q drop in output are on the downside, we think that the economy held up much better than in the euro-zone, helped by the light-touch lockdown and the comparatively large public sector.
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