Sweden Economic Outlook
September 1, 2020GDP plunged in the second quarter, contracting for the first time in over seven years as the pandemic hammered activity. The domestic economy led the downturn, as household spending was scaled back amid heightened economic uncertainty and social distancing recommendations. Exports also suffered as lockdowns and tumbling demand in key international markets hit the external sector. Turning to the third quarter, signals indicate a recovery is underway: PMIs for both the manufacturing and services sectors were in expansionary territory in July, while business and consumer confidence in the same month were much improved from April’s nadir. Meanwhile, all schools reopened in mid-August and retail and recreation activity was close to pre-pandemic levels at the end of the month, boding well for consumer spending.
Sweden Economic GrowthThe economy is set to contract sharply this year as the combined effects of dwindling private consumption and faltering fixed investment dent domestic activity. Although significant fiscal and monetary policy stimulus should soften the downturn, the frail state of key export markets and the prolonged nature of the pandemic darken the outlook significantly. FocusEconomics panelists see GDP falling 4.6% in 2020, which is up 0.2 percentage points from last month’s forecast, before growing 3.8% in 2021.
Sweden Economy Data
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|Bond Yield||0.15||-4.79 %||Jan 01|
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Sweden Economic News
September 10, 2020
Consumer prices fell 0.15% over the previous month in August, contrasting July's 0.20% rise.
September 8, 2020
Industrial output rose 2.4% month-on-month in seasonally-adjusted terms in July, which was a deterioration from June's 8.2% increase.
August 28, 2020
GDP contracted a record 8.3% in the second quarter on a seasonally-adjusted quarter-on-quarter basis (Q1: +0.8% s.a.
August 27, 2020
The economic tendency indicator rose to 87.0 in August from July's 83.8.
August 12, 2020
Consumer prices rose 0.22% in July over the last month, moderating from the 0.58% rise logged in June.