Sweden Economic Outlook
June 2, 2020The economy will likely contract for the second consecutive quarter in Q2, under the strain of the effects of the coronavirus pandemic and associated social distancing measures. Since March, the government has advised citizens against non-essential travel, closed in-person attendance of high schools and universities, and banned gatherings of over 50 people. Meanwhile, the global economy has gone into a deep downturn, weighing on demand for Swedish exports. Although the economic tendency indicator, which measures business and consumer confidence, improved slightly in May, it still remained close to April’s reading, which marked an all-time low since current records began in 1996. Moreover, the unemployment rate rose sharply in April to the highest level since November 2014. This all comes after comprehensive data released on 29 May showed the economy grew meekly in Q1.
Sweden Economic GrowthThe economy will contract this year as coronavirus and associated social distancing measures extinguish both domestic activity and foreign demand for exports. However, huge and coordinated fiscal and monetary policy stimulus should soften the fall. FocusEconomics panelists see GDP falling 5.2% in 2020, which is down 0.3 percentage points from last month’s forecast, before growing 4.3% in 2021.
Sweden Economy Data
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Sweden Economic News
July 1, 2020
At its monetary policy meeting on 30 June, the outcome of which was announced on 1 July, the Riksbank decided to expand its array of monetary policy support measures for the Swedish economy at a time of acute stress. The Central Bank announced it would double down on its asset purchasing program: It will now purchase SEK 500 billion worth of government, municipal and mortgage bonds up to the end of June 2021, with corporate bonds included in this program from September.
June 24, 2020
The economic tendency indicator rebounded to 75.2 in June from 64.4 in May.
June 11, 2020
Consumer prices with a fixed interest rate (CPIF)—which is closely followed by the Central Bank—increased 0.6% in May compared to the previous month, contrasting the 0.3% decrease in April and marking the largest increase in May since 2001.
June 4, 2020
Industrial production dropped 16.4% month-on-month in seasonally-adjusted terms in April (March: -0.1% month-on-month).
May 28, 2020
The economic tendency indicator picked up to 64.1 in May from a revised 60.0 in April (previously reported: 58.6), which marked the lowest reading since for as long as current records stretch back to 1996.