Sweden Economic Forecast

Sweden Economic Outlook

May 31, 2022

The economy should be recovering notable traction in the second quarter, following Q1’s setback. Underlying momentum slowed in Q1, as mounting price pressures and uncertainty weighed on consumer sentiment, and on spending in turn. Available data points to a brighter picture in the second quarter. In April, the unemployment rate remained at the joint-lowest level since March 2020, which should have supported private spending as the highest inflation rates in over three decades weighed on consumers. Further, both business confidence and economic sentiment were upbeat in the same month. Additionally, both the manufacturing and services PMIs revealed that conditions continued to improve at robust paces in April. On 18 May, Swedish and Finnish authorities submitted official applications to join NATO, abandoning long traditions of neutrality. Turkey could block their bids, however.

Sweden Economic Growth

This year, economic growth is set to nearly halve, as both public and private spending growth decelerate from 2021’s strong return to growth. Lingering supply chain shocks, mounting price pressures and tighter monetary policy are risks to the outlook. Additionally, heightened geopolitical tensions cloud the outlook. FocusEconomics panelists see GDP expanding 2.7% in 2022, which is down 0.2 percentage points from last month’s forecast, and 1.9% 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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