Sweden: Economic growth returns in Q2 and beats market expectations according to advanced data
The economy rebounded strongly in the second quarter of 2022, with GDP expanding 1.4% in seasonally-adjusted quarter-on-quarter terms, according to preliminary figures released by Statistics Sweden. The result was an improvement from the prior quarter’s 0.7% fall and doubled market expectations of a 0.7% expansion. Meanwhile, in calendar-adjusted annual terms, GDP grew 4.2% in the second quarter, coming in above the prior quarter’s 3.2% increase.
Although details of the release are still pending, the quarterly bounce-back likely came on the back of recovering private consumption, supported by a lower unemployment rate and strong annual wage growth. That said, the overall improvement was likely capped by mounting price pressures, which in turn dampened consumer sentiment in the quarter.
A more comprehensive breakdown of Q2 2022 GDP will be released on 29 August.