Sweden GDP

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Sweden: GDP accelerates in Q4, pushing 2014 growth to highest level in three years

February 27, 2015

In the fourth quarter, the economy grew 1.1% over the previous quarter in seasonally- and working-day adjusted terms, according to data released on 27 February. The figure marked an acceleration compared to the 0.5% expansion tallied in Q3, and was much stronger than the 0.3% rise the markets had expected. The acceleration was driven by stronger domestic demand and exports growth. On an annual basis, the economy grew 2.6% in Q4, which was above the 2.3% expansion registered in Q3.

Domestically, private consumption jumped to a 0.9% expansion in Q4 after having registered flat growth in Q3. Fixed investment picked up to a 2.7% increase (Q3: +1.7% quarter-on-quarter). In contrast, government spending moderated slightly to a 0.5% increase (Q3: +0.6% qoq).

On the external side of the economy, exports of goods and services accelerated from a 1.1% rise in Q3 to a 2.7% increase in Q4. Imports picked up to a 2.8% increase in the fourth quarter (Q3: +1.5% qoq). As a result, the external sector’s net contribution to overall economic growth swung from minus 0.1 percentage points in Q3 to plus 0.1 percentage points in Q4.

GDP expanded 2.1% in full year 2014, which marked the highest growth rate in three years.

The Central Bank expects economic growth to reach 2.4% in 2015 and 3.1% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.3% in 2015, which is unchanged from last month’s estimate. For 2016, the panel projects that the economy will expand 2.7%.


Author:, Economist

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Sweden GDP Q4 2014

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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