According to the latest statistics from SCB, Sweden’s Gross Domestic Product (GDP) experienced a 1.4% decline in June compared to the previous month, when seasonally adjusted. The overall GDP for the second quarter showed a reduction of 1.5% compared to the preceding quarter. These findings are part of the preliminary data gathered by the GDP indicator.
The GDP indicator offers an early glimpse into the country’s economic performance, compiled from a more limited and preliminary dataset than the standard quarterly national accounts. Experts point out that several factors, including a decrease in goods exports, contributed to the downturn during the quarter, resulting in the drop in GDP.
Year-on-year comparisons indicate that June’s GDP was 3.6% lower than the same month in the previous year, and the entire second quarter saw a 2.4% decline compared to the same period in 2022. It’s noteworthy that June had an equivalent number of working days in 2022 and 2023, while the whole quarter had one less working day in 2023.
The data, which provides insight into the economic landscape, also highlights that the GDP indicator calculates two distinct GDP outcomes based on production and use. Subsequent reconciliation ensures a clear and comprehensive result for analysis. The recent revision also includes April and May data, aligning with the GDP indicator’s reevaluation policy.
This preliminary data serves as an important resource for economists, policymakers, and businesses, enabling them to assess the economic trends and make informed decisions accordingly.