Swedish economy contracts by 0.1% in 3rd straight quarter, marking recession

Posted on October 30, 2024   |  

Sweden’s GDP experienced a 0.1% decline in Q3, marking its third straight quarter of negative growth and leading the nation into a technical recession.

This decrease in Q3 followed a 0.3% drop in Q2, contradicting previous forecasts of a 0.4% increase for the quarter.

In September, GDP dropped by 0.4% month-on-month, following a 1.1% rise in August, indicating persistent economic challenges.

The negative growth in Q3 stemmed from a weak performance in both July and September.

The ongoing declines over consecutive quarters have solidified Sweden’s position in a technical recession, as GDP has not recovered in recent months.