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Swedish GDP largely unchanged in Q1

Christian Fernsby ▼ | June 1, 2020
GDP in Sweden increased by 0.1 percent in the first quarter of 2020, seasonally adjusted and compared with the fourth quarter of 2019.
Sweden street
GDP   Sweden street
This change was mainly driven by exports but was offset by household consumption. Calendar adjusted and compared with the first quarter of 2019, GDP increased by 0.4 percent.

Topics: Swedish GDP

Household final consumption decreased by 1.7 percent. Household consumption of transports and household consumption abroad contributed to this decrease.

General government consumption decreased by 0.3 percent. Central government consumption decreased by 0.5 percent and consumption in local and regional government decreased by 0.2 percent.

Changes in inventories impacted GDP growth negatively by 0.5 percentage points.

Gross fixed capital formation decreased by 0.9 percent. This downturn is mainly explained by reduced investment in machinery and equipment.

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.

Market production increased by 0.2 percent. Output in goods-producing industries increased by 0.3 percent, while in service-producing industries, output increased by 0.2 percent. Government production increased by 0.2 percent.

The total number of employed persons decreased by 0.5 percent, the number of hours worked decreased by 0.5 percent in the whole economy and by 0.6 percent in the business sector. Labour productivity in the business sector increased by 0.8 percent.

Households’ real disposable income increased by 2.0 percent in comparison with the first quarter 2019.

Public administration recorded a deficit of SEK 30 billion for the first quarter 2020. â–