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Monthly GDP Indicator Falls in August

SWEDEN

Swedish monthly GDP figures for August came in just below consensus at -0.2% M/M (vs -0.1% cons; a revised +0.8% prior) and +0.3% Y/Y (vs -0.3% prior).

  • The press release notes that the print was pulled down by strong imports of goods, while consumption lost momentum relative to the summer months.
  • Household consumption was +0.5% M/M and +0.6% Y/Y (vs +0.6% M/M and +0.8% Y/Y in July respectively). As with prior months, hard consumption data continues to hold up better than the extremely negative consumer confidence prints in the Economic Tendency Indicator.
  • On a Y/Y basis, overall production recovered somewhat, with private sector production +0.7% Y/Y (vs -2.2% prior), services production 0.6% Y/Y (vs +0.6% prior) and industrial production +4.7% Y/Y (vs -5.1% prior).
  • Further details on the drivers of each component have not yet been released.

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