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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SWEDEN
The flash GDP indicator once again proved an unreliable estimate of actual GDP, after Q2’s final print was -0.3% Q/Q (vs flash of -0.8% Q/Q). While today’s Economic Tendency Indicator (due 0800BST/0900CET) will provide a more forward-looking view of activity, this GDP outturn should temper expectations for a 50bp Riksbank rate cut in September, given the sentiment from Monday’s minutes.
- The actual GDP outturn remains below the Riksbank’s June MPR forecast of 0.0% Q/Q though, so should prompt some adjustments to the growth profile at the September forecast round.
- Inventories once again skewed the outturn, contributing -0.6pp to quarterly GDP growth. All components excluding inventories contributed 0.4pp to Q/Q GDP (vs -0.4pp in Q1).
- Domestic consumption remained weak in Q2, as suggested by the monthly consumption indicator outcomes. Consumption was -0.2% Q/Q (vs -0.5% in Q1), contributing -0.1pp to quarterly GDP growth.
- Meanwhile net exports were a strong contributing factor as expected, with exports rising 1.4% Q/Q and imports falling 0.6% Q/Q, contributing 0.9pp to quarterly GDP.
- However, investment was weak at -1.7% Q/Q (vs 0.2% prior), contributing -0.4pp.
- On an annual basis, GDP rose 0.5% Y/Y (vs 0.0% flash). There were small upward revisions to last quarter’s outcomes, to 0.8% Q/Q and 0.9% Y/Y.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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