Sweden Economic Outlook
October 27, 2020A mild economic recovery appeared to take hold in Q3, following the previous quarter’s domestic demand-led contraction. In August, industrial output expanded briskly on a monthly basis, while annual retail sales continued their healthy growth trend. In September, the manufacturing PMI hit a 22-month high, with an uptick in demand and increased production driving the improvement. Moreover, despite the unemployment rate matching June’s over 10-year high in September, both consumer and business confidence continued to climb further in the same month, boding well for household and capital spending in Q4. However, a recent escalation of new infections is prompting renewed recommendations against public meetings and non-essential travel between outbreak hotspots, although more stringent measures as seen in other European countries are unlikely to be enforced.
Sweden Economic GrowthThe economy is projected to rebound in 2021 as the restrictive impact of the pandemic recedes. Private consumption and fixed investment should expand strongly, while continued public spending will further bolster the recovery in domestic demand. However, uncertainty around the evolution and duration of the pandemic clouds the outlook markedly. FocusEconomics panelists see GDP expanding 3.6% in 2021, which is down 0.2 percentage points from last month’s forecast, and 2.7% in 2022.
Sweden Economy Data
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Sweden Economic News
July 29, 2021
The economic tendency indicator (ETI) rose to 122.4 in July from June's 119.8 and once again marked the strongest sentiment in the indicator’s 25-year history.
July 29, 2021
The economy expanded 0.9% in the second quarter of 2021 in seasonally-adjusted quarter-on-quarter terms, according to preliminary figures released by Statistics Sweden.
July 14, 2021
Consumer prices with a fixed interest rate rose 0.10% from the previous month in June, moderating from May's 0.22% rise.
July 7, 2021
Industrial production grew 0.3% month-on-month in seasonally-adjusted terms in May, which contrasted April’s 0.6% decline.
July 1, 2021
At its meeting on 1 July, the Riksbank left its monetary policy unchanged, maintaining its key repo rate at 0.00% and continuing its asset purchasing program. The decision reflected moderate inflation expectations—inflation is projected to track close to the Bank’s 2.0% target rate in the long term—and a brightening economic outlook for the second half of 2021.