Sweden GDP


Sweden: GDP sees acceleration in Q2

July 30, 2015

In the second quarter, the economy grew 1.0% over the previous quarter in seasonally- and working-day adjusted terms, according to data released on 30 July. The figure marked a solid acceleration compared to the 0.4% expansion tallied in Q1. The reading was the highest since Q1 2013 and surprised analysts on the upside, who had been expecting a 0.7% increase. The tally was the result of an overall improvement in both domestic demand and the external sector. On an annual basis, the economy grew 2.9%, slightly above the 2.6% expansion registered in Q1.

Domestically, private consumption recorded a 0.6% expansion in Q1, up from a flat reading recorded in Q1 (previously reported: +0.1% qoq). Fixed investment inched up from a 0.4% contraction in Q1 to a 0.3% decrease in Q2, although these figures are down significantly from the 2.8% increase seen in Q4 2014. Government spending also accelerated to a 0.6% increase in Q2 (Q1: +0.1% qoq).

On the external side of the economy, exports of goods and services saw a healthy recovery of a 0.9% expansion, contrasting the 0.8% contraction in Q1. Imports also improved, although remained in contractionary territory, falling 0.4% in Q2 (Q1: -2.1% qoq). As a result, the external sector’s net contribution to overall economic growth inched up from plus 0.5 percentage points in Q1 to plus 0.6 percentage points in Q2.

The Central Bank expects economic growth to reach 2.9% in 2015 and 3.6% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.7% in 2015, which is unchanged from last month’s estimate. For 2016, the panel projects that the economy will expand 2.8%.

Author:, Economist

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Sweden GDP Chart

Sweden GDP Q2 2015

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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