Sweden GDP


Sweden: Economic growth picks up in Q2 on strong household consumption

September 18, 2014

In the second quarter, the economy grew 0.7% over the previous quarter in seasonally- and working-day adjusted terms, according to revised data released on 18 September. The figure marked an improvement over both the 0.2% increase reported in the preliminary estimate and the 0.1% expansion registered in Q1. On an annual basis, the economy grew 2.6%, which was revised upward from the 1.9% expansion reported in the flash estimate and an improvement over the 1.7% increase recorded in Q1. The readings for both annual and quarterly figures reflect revisions in accordance with the updated ESA 2010 regulation.

Q2’s positive result came mainly as a result of an improvement in domestic demand. Growth in private consumption accelerated from 0.5% in Q1 to 1.3% in Q2, which was the strongest quarterly growth since Q3 2010. In addition, government spending picked up from a flat reading in the first quarter to a 0.5% expansion in the second. Fixed investment increased 0.3% (Q1: +2.0% quarter-on-quarter).

On the external side of the economy, growth in exports of goods and services accelerated from 0.2% in Q1 to 0.8% in Q2. In addition, imports of goods and services rose 1.4% over the previous quarter, which was up from the 1.2% rise recorded in the first quarter. As a result, the external sector’s net contribution to overall economic growth edged up from minus 0.4 percentage points in Q1 to minus 0.2 percentage points in Q2.

The Central Bank expects economic growth to reach 2.7% in 2014 and 3.2% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.5% in 2014, which is unchanged from last month’s estimate. For 2015, the panel projects that the economy will expand 2.8%.

Author:, Economist

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Sweden GDP Chart

Sweden GDP Q2 2014 0

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Statistics Sweden (SCB) and FocusEconomics Forecast.

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