Consumption in Sweden

Sweden Consumption | Economic News & Forecasts

Sweden - Consumption

Economy loses momentum in Q3

Underlying momentum moderated marginally in the third quarter; GDP expanded 0.6% in seasonally adjusted quarter-on-quarter terms, down from the 0.7% increase tallied in the prior quarter. The outturn came in 0.1 percentage points below the preliminary estimate. On an annual basis, economic growth softened to 2.6% in Q3, compared to the previous period’s 4.0% expansion. Q3’s reading marked the weakest since Q1 2021.

Domestically, the quarterly easing was largely due to a seasonally adjusted quarterly 0.2% decline in private consumption in Q3, which contrasted with the second quarter’s 0.8% expansion. The improvement in the unemployment rate (Q3: 7.0%; Q2: 7.7%) and the 0.5% increase in employed people failed to shield consumers from higher price pressures in the period fully, but likely prevented a larger contraction nonetheless. In addition, fixed investment growth fell to 1.2% in Q3, marking the softest reading since Q4 2021 (Q2: +3.3% s.a. qoq). More positively, public consumption rebounded, growing 0.4% in Q3 (Q2: -0.3% s.a. qoq).

The external sector detracted from overall growth. Exports of goods and services growth fell to 0.5% in Q3, marking the weakest result since Q2 2021 (Q2: +0.8% s.a. qoq). Similarly, imports of goods and services growth softened to 1.0% in Q3 (Q2: +1.7% s.a. qoq). Consequently, the external sector detracted 0.2 percentage points from the overall reading, improving slightly from the prior quarter’s 0.3 percentage point detraction.

FocusEconomics Consensus Forecast panelists project GDP to grow 0.1% in 2023, which is down 0.4 percentage points from last month’s forecast, and 1.7% in 2024.

Sweden - Consumption Data

2015   2016   2017   2018   2019  
Consumption (annual variation in %)3.9  2.3  2.6  1.8  1.2  

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Value Change Date
Bond Yield0.15-4.79 %Jan 01
Exchange Rate9.36-0.20 %Jan 01

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