MNI: SWEDEN DATA: Flash GDP (Q2 2019) Preview -......>

MNI: SWEDEN DATA: Flash GDP (Q2 2019) Preview - 08:30 BST

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- Bbg Consensus: 0.3% q/q, 1.9% y/y; Previous (Q1): 0.6% q/q, 2.1% y/y

- Sweden's q/q economic growth is expected to decelerate to half its Q1 pace 

- While the 0.6% q/q expansion in Q1 appeared solid on the surface, the details

revealed a less reassuring picture...

- ... domestic demand contracted over the quarter and a sharp decline in imports

was behind the positive net trade performance

- Monthly data suggest similar dynamics drove the economy in Q2

- Consumer spending figures for Apr & May indicate that even if there is a

rebound in Jun, this won't be sufficient to prevent a second consecutive

quarterly decline in household consumption

- Investment is unlikely to have performed much better - both the Manufacturing

& Services PMIs averaged below Q1's levels in Q2 

- Net trade likely remained the key driver in Q2, but the weaker global envt

means it is unlikely to contribute much to growth over the remainder of the yr