The skyline in Sweden

Sweden GDP Q2 2023

Sweden: GDP declines less than previously reported in Q2

A second national accounts release revealed underlying momentum weakened at a softer pace than initially reported: GDP contracted 0.8% on a seasonally adjusted quarter-on-quarter basis in the second quarter. The downturn was still a deterioration from Q1’s 0.4% increase but was an improvement from the 1.5% contraction reported in the preliminary release.

Domestically, government spending growth waned to a quarterly 0.5% in seasonally adjusted terms in Q2, down from Q1’s 0.7% expansion. More positively, fixed investment flatlined in Q2, improving from the prior quarter’s 0.9% decline. Lastly, private consumption fell a milder 0.2% in the quarter (Q1: -0.8% s.a. qoq). Total employment rose 0.4% in Q2, which, coupled with less pressure on purchasing power amid moderating inflation, likely prevented a steeper spending contraction.

On the external front, exports of goods and services swung to a 0.8% contraction (Q1: +1.0% s.a. qoq) as the steep decline in goods exports overshadowed a slight increase in services exports. Meanwhile, imports of goods and services growth slowed to a marginal 0.1% in Q2 (Q1: +0.5% s.a. qoq). Consequently, the external sector detracted 0.5 percentage points from the overall result.

On an annual basis, GDP declined 0.7% in Q2, swinging from the previous period’s 0.9% rise.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest