Sweden GDP


Sweden: GDP decelerates in Q3

November 28, 2014

In the third quarter, the economy grew 0.3% over the previous quarter in seasonally- and working-day adjusted terms, according to data released on 28 November. The figure marked a slight deceleration compared to the 0.5% expansion tallied in Q2, but overshot the 0.2% rise the markets had expected. On an annual basis, the economy grew 2.1% in Q3, which was below the 2.4% expansion registered in Q2.

Q3’s deceleration came on the back of a moderation in domestic demand growth. Private consumption posted a flat reading (Q2: +1.1% quarter-on-quarter), while government spending decelerated to a 0.4% increase (Q2: +0.6% qoq). In contrast, fixed investment accelerated from a 0.6% rise in Q2 to a 1.1% increase in Q3.

On the external side of the economy, exports of goods and services inched up from a 0.5% rise in Q2 to a 0.7% increase in Q3. Imports decelerated to a 1.3% increase in the third quarter (Q2: +1.8% qoq). As a result, the external sector’s net contribution to overall economic growth edged up from minus 0.5 percentage points in Q2 to minus 0.2 percentage points in Q3.

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 2.1% in 2014, which is unchanged from last month’s estimate. For 2015, the panel projects that the economy will expand 2.5%, which is down 0.1 percentage points from last month’s Consensus.

Author:, Economist

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Sweden GDP Chart

Sweden GDP Q3 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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