Sweden Economic Forecast

Sweden Economic Outlook

December 23, 2021

The economy expanded at a faster rate than previously estimated in Q3, accelerating from Q2’s mild growth. The domestic economy spearheaded the upturn, with household spending rising to its highest level in a year. Meanwhile, a mild increase in exports and a faster rise in imports saw the external sector weigh somewhat on the overall reading. Momentum likely carried over into Q4, as evidenced by the economic tendency indicator remaining close to a record-high level in October–November amid solid business confidence. Moreover, PMI readings for both the manufacturing and services sectors remained well within expansionary territory in the same period, while the unemployment rate fell to an 18-month low in November, likely supporting household spending. Meanwhile, authorities recently further tightened domestic Covid-19-related measures until at least 31 January amid rising daily cases.

Sweden Economic Growth

Economic growth is set to slow in 2022 after this year’s projected healthy rebound. Easing private consumption growth will drive the slowdown, while a normalization of global trade dynamics will see export growth fall in turn. Pandemic-related uncertainty amid the spread of the Omicron variant, and supply chain disruptions remain key risks to the outlook. FocusEconomics panelists see GDP expanding 3.3% in 2022, which is unchanged from last month’s forecast, and 2.1% in 2023.

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Sweden Facts

Value Change Date
Bond Yield0.15-4.79 %Jan 01
Exchange Rate9.36-0.20 %Jan 01

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