Sales rose a monthly 0.3 percent after falling 0.7 percent the previous month, Stockholm-based Statistics Sweden said today. The median estimate in a survey of six economists by Bloomberg was for sales to grow 0.4 percent. Annual retail sales rose 2.4 percent.
“An improving labor market and promises of a new round of tax cuts in the 2014 budget continue to suggest an acceleration in private consumption in Sweden,” said Elisabet Kopelman, an analyst at SEB AB in Stockholm, in a note before the report.
The government this month said it will support the recovery by cutting income taxes for a fifth time since coming to power in 2006. Sweden’s central bank predicted it will keep rates unchanged at the lowest level since 2010 for another year to support a recovery as demand from abroad picks up.
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