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SWEDEN: Q3 GDP Four Tenths Above Flash Release

SWEDEN
SwedenCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

Swedish Q3 GDP was 0.3% Q/Q, four tenths above the -0.1% Q/Q flash release.

  • Some analysts had looked for a smaller upward revision to the flash (SEB and Danske forecast 0.1% Q/Q).
  • This underscores the unreliability of the flash GDP indicator, which is not considered an official statistic by Statistics Sweden.
  • There was only a limited market reaction in SEK though, with EURSEK down a few pips. The Riksbank are still expected to cut in December and during Q1 2025. The brief ~30 pip pullback in NOKSEK post-data was NOK led, but has since fully retraced. 
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Swedish Q3 GDP was 0.3% Q/Q, four tenths above the -0.1% Q/Q flash release.

  • Some analysts had looked for a smaller upward revision to the flash (SEB and Danske forecast 0.1% Q/Q).
  • This underscores the unreliability of the flash GDP indicator, which is not considered an official statistic by Statistics Sweden.
  • There was only a limited market reaction in SEK though, with EURSEK down a few pips. The Riksbank are still expected to cut in December and during Q1 2025. The brief ~30 pip pullback in NOKSEK post-data was NOK led, but has since fully retraced.