Sweden Economic Forecast

Sweden Economic Outlook

June 2, 2020

The 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 Growth

The 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.

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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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