Consumption in Sweden
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
|Consumption (annual variation in %)||3.9||2.3||2.6||1.8||1.2|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.15||-4.79 %||Jan 01|
|Exchange Rate||9.36||-0.20 %||Jan 01|
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January 26, 2023
The economic tendency indicator (ETI) deteriorated for an eighth consecutive month in January, coming in at 82.3, down from December’s 85.0.
January 13, 2023
Consumer price inflation with a fixed interest accelerated to 10.2% in December, above November’s 9.5%.
January 10, 2023
Industrial production decreased 2.9% month on month in seasonally-adjusted terms in November (October: -0.8% mom).
December 21, 2022
The economic tendency indicator (ETI) deteriorated for a seventh consecutive month in December, coming in at 84.7, down from November’s 85.1.
December 14, 2022
Consumer price inflation with a fixed interest edged up to 9.5% in November, above October’s 9.3%.