Sweden GDP Q2 2020

Sweden

Sweden: Preliminary data shows economy slumped at record pace in Q2

August 5, 2020

The economy contracted 8.6% in the second quarter of 2020 from the previous quarter in seasonally-adjusted terms, contrasting the 0.1% increase in the first quarter but broadly in line with market analyst expectations, according to preliminary figures from Statistics Sweden.

In calendar-adjusted annual terms, the economy shrank 8.2% in Q2 2020, contrasting the 0.4% expansion in Q1 2020. Despite the heavy contractions in Q2, they were less severe than many of those in Europe: Eurozone GDP slumped a seasonally-adjusted 12.1% in Q2 compared to the previous quarter.

In quarter-on-quarter seasonally-adjusted terms, the decrease in Q2 was the fastest since at least 1980. It was driven by a fall in exports of goods and services, in addition to weaker private consumption, according to a statement by Statistics Sweden. A more comprehensive breakdown of the Q2 reading will be available when new data is released on 28 August.

Our panelists see GDP falling 4.8% in 2020, which is down 0.1 percentage points from last month’s forecast, and increasing 3.6% in 2021.


Author:, Economist

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