Sweden's gross domestic product shrank by 8.3 percent in the three months to June 2020, the steepest contraction since records began in 1981 and compared to a preliminary estimate of an 8.6 percent slump. Household consumption decreased by 7.7 percent led by lower spending on restaurant and hotel services, as well as lower household consumption abroad, while fixed investment dropped by 4.5 percent mainly explained by reduced investments in machinery and equipment. Public spending also declined by 2.4 percent and net external demand contributed negatively to the GDP as exports tumbled by 18.2 percent and imports decreased by 12.9 percent. source: Statistics Sweden

GDP Growth Rate in Sweden averaged 0.52 percent from 1981 until 2020, reaching an all time high of 3.40 percent in the first quarter of 2010 and a record low of -8.30 percent in the second quarter of 2020. This page provides - Sweden GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Sweden GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

GDP Growth Rate in Sweden is expected to be 5.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Sweden to stand at 1.10 in 12 months time. In the long-term, the Sweden GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 0.40 percent in 2022, according to our econometric models.

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Sweden GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-8.30 0.20 3.40 -8.30 1981 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-05-05 07:30 AM QoQ Flash Q1 -0.3% 0.1% -0.3% -1.6%
2020-05-29 07:30 AM QoQ Final Q1 0.1% 0% -0.6% -0.3%
2020-08-05 07:30 AM QoQ Flash Q2 -8.6% 0.1% -4.2%
2020-08-28 07:30 AM QoQ Final Q2 -8.3% 0.2% -8.6% -8.6%
2020-11-05 08:30 AM QoQ Flash Q3 -8.3% 5.1%
2020-11-27 08:30 AM QoQ Final Q3 -8.3% 5.1%


News Stream
Sweden Posts Historic GDP Decline in Q2
Sweden's gross domestic product shrank by 8.3 percent in the three months to June 2020, the steepest contraction since records began in 1981 and compared to a preliminary estimate of an 8.6 percent slump. Household consumption decreased by 7.7 percent led by lower spending on restaurant and hotel services, as well as lower household consumption abroad, while fixed investment dropped by 4.5 percent mainly explained by reduced investments in machinery and equipment. Public spending also declined by 2.4 percent and net external demand contributed negatively to the GDP as exports tumbled by 18.2 percent and imports decreased by 12.9 percent.
2020-08-28
Swedish GDP Contracts at Record Pace
The Swedish GDP shrank 8.6 percent on quarter in the three months to June of 2020, down from a 0.1 percent expansion in the previous period, a preliminary estimate showed. It was the biggest contraction on record, as the economy was hit by the coronavirus pandemic despite not imposing coronavirus lockdowns. Many people were following social-distancing recommendations and limiting travel. On a year-on-year basis, the economy contracted 8.2 percent, also a record, and following a 0.4 percent growth in Q1.
2020-08-05
Swedish Economy Avoids Contraction in Q1
The Swedish GDP grew 0.1 percent on quarter in the first three months of 2020, compared to an initial estimate of a 0.3 percent contraction and beating market forecasts of a 0.6 percent drop. The country did not impose a coronavirus lockdown but many people were following social-distancing recommendations and limiting travel. Household consumption decreased by 1.7 percent, mainly due to transports and consumption abroad. Public expenditure fell 0.3 percent, investment shrank 0.9 percent and changes in inventories impacted GDP growth negatively by 0.5 percentage points. In contrast, exports increased by 3.4 percent and imports decreased by 0.2 percent. Overall, net exports contributed upwards to GDP growth by 1.7 percentage points. On a year-on-year basis, the economy advanced 0.4 percent. The government expects the economy to shrink around 7% this year and already launched a stimulus package worth around SEK 245 billion to boost the recovery.
2020-05-29
Swedish GDP Contracts 0.3% in Q1
Sweden's economy contracted 0.3 percent on quarter in the first three months of 2020, following a downwardly revised 0.1 percent expansion in the previous period, a preliminary estimate showed. Exports contributed positively to GDP, while decreases in gross fixed capital formation and changes in inventories weighed down growth. The contraction is expected to deepen in the April-June period when the full effects of the coronavirus outbreak will be felt. Sweden did not follow other European countries with a complete lockdown. The country closed down relatively late and a little less strictly than in other countries.
2020-05-05

Sweden GDP Growth Rate
On the expenditure side, household consumption is the main component of Swedish GDP and accounts for 46 percent of its total use, followed by government consumption (26 percent) and gross fixed capital formation (23 percent). Exports of goods and services account for 45 percent of GDP while imports account for 41 percent, adding 4 percent of total GDP.