Sweden’s GDP Slumps By Record 8.6% In Second Quarter Amid COVID-19 Pandemic

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Sweden’s Gross Domestic Product (GDP) on Wednesday contracted by a record 8.6 percent in the second quarter amid the novel coronavirus pandemic, the nation’s statistics agency said.

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Statistics Sweden said the decrease in GDP was the largest single quarter drop in the directly comparable time series since 1980.

According to the agency, seasonally adjusted and compared to the preceding quarter, the decrease is in large parts driven by falling exports and household consumption expenditure.

The flash estimate was preliminary.

Complete quarterly national accounts for the second quarter are due on Aug. 28.

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