Photo: Scanpix

Restaurants serve up high summer sales

Swedish restaurants saw a boost in sales this summer thanks in part to tax reductions and increased tourism, according to news agency TT.

Statistics Sweden said restaurant sales in June rose 1.3 percent and 1.9 percent in July compared with the same period last year.

"Summer's consumption is very much linked to travel and tourism. The success at restaurants is reflected when looking at Swedish hotels where occupancy rates increased 2.5 to 3 percent over the summer," said Björn Arnek, an economist with Visita, a trade and employer organization covering the hospitality sector.

According to Arnek, nice weather likely played a role in spurring growth as well as the lowering of Sweden's restaurant VAT. He said the restaurant sector has seen its healthy appetite for growth improve.

"This trend has continued in 2013, and our analysis is that the reduced VAT rate is the main reason," Björn Arnek said.

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