Sweden GDP


Sweden: GDP rebounds in Q2 on improvements in the domestic economy

July 30, 2014

In the second quarter, the economy grew 0.2% over the previous quarter in seasonally- and working-day adjusted terms according to data released on 30 July. The figure marked a turnaround from the 0.1% contraction registered in Q1, but fell short of the 0.6% expansion the market had expected. On an annual basis, the economy grew 1.9%, which was a tick above the 1.8% expansion in Q1.

Q2’s positive result came on the back of an improvement in most of the components of the domestic economy. Private consumption accelerated to a 1.0% expansion (Q1: +0.6% quarter-on-quarter), while government spending rebounded to a 0.3% increase (Q1: -0.2% qoq). In contrast, fixed investment swung from the 1.3% rise recorded in Q1 to a 0.8% contraction in Q2.

On the external side of the economy, exports of goods and services slowed from 0.6% growth in Q1 to a meager 0.1% increase in Q2. Imports decelerated to a 0.8% increase in the second quarter (Q1: +1.7% qoq). 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 0.3 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

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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