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GDP lower than expected but upward revisions to prior data

SWEDEN
  • GDP lower than expected: On a Q/Q basis 0.9% growth in Q2 (1.4% expected) but there was a big upward revision to Q1 from -0.8% to +0.2%. There was also a 0.2ppt upward revision to Q4-21 and downward revisions to Q1-21 and Q3-21. On a Y/Y basis 3.8% this equates to vs the 4.2% survey number.
  • In terms of the breakdown consumption rose 1.6%Q/Q, gross fixed capital formation 3.3% (of which "The main contribution to the increase came from investments in buildings and structures as well as in intellectual property products."), while net exports were -0.5%, government consumption -0.3% and inventories unchanged.
  • This will probably not do much to change the Riksbank's policy decision at next month's meeting with the market expecting the debate to be between a 50bp or a 75bp hike due to much higher than forecast inflation.
  • So overall the details look better than the headline numbers would suggest.- EURSEK moved a little higher on the release (10.65 to 10.656) but is now slightly below its prevailing levels ahead of the data at 10.463.
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