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Q4 GDP Revised Lower, But Still Above Riksbank Forecasts

SWEDEN
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Swedish Q4 GDP was revised 0.2pp lower to -0.1% Q/Q, while Q3's figure was revised a touch higher to -0.1% Q/Q. Thus, Sweden remains in "technical recession", having seen negative Q/Q GDP growth for three consecutive quarters now.

  • The Riksbank had forecasted Q4 GDP at -0.4% Q/Q in the November MPR, so the revised reading is still above this level.
  • On an annual basis, Q4 GDP was -0.2% Y/Y (flash: 0.0% Y/Y, Q3 upwardly revised to -1.1% Y/Y from -1.4% prior). The Riksbank had forecasted -0.8% Y/Y in the November MPR.
  • The press release notes that investment and net exports dragged on Q4 GDP, with intellectual property product investments falling and service imports rising.
  • After three negative quarters, consumption rose +0.7% Q/Q, with expenditure in housing contributing the most.
  • Investment fell -1.8% Q/Q, while exports fell -0.1% Q/Q and imports rose 0.9% Q/Q.
  • In the business sector hours worked fell -0.2% Q/Q while labour productivity was unchanged, contributing to the fall in GDP overall.





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Swedish Q4 GDP was revised 0.2pp lower to -0.1% Q/Q, while Q3's figure was revised a touch higher to -0.1% Q/Q. Thus, Sweden remains in "technical recession", having seen negative Q/Q GDP growth for three consecutive quarters now.

  • The Riksbank had forecasted Q4 GDP at -0.4% Q/Q in the November MPR, so the revised reading is still above this level.
  • On an annual basis, Q4 GDP was -0.2% Y/Y (flash: 0.0% Y/Y, Q3 upwardly revised to -1.1% Y/Y from -1.4% prior). The Riksbank had forecasted -0.8% Y/Y in the November MPR.
  • The press release notes that investment and net exports dragged on Q4 GDP, with intellectual property product investments falling and service imports rising.
  • After three negative quarters, consumption rose +0.7% Q/Q, with expenditure in housing contributing the most.
  • Investment fell -1.8% Q/Q, while exports fell -0.1% Q/Q and imports rose 0.9% Q/Q.
  • In the business sector hours worked fell -0.2% Q/Q while labour productivity was unchanged, contributing to the fall in GDP overall.