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According to Statistics Sweden, the decline in the economy is the sharpest in a single quarter in measurement history. MAGAZINE / EMMI KORHONEN
AFP
In April-June, Sweden’s GDP was 8.2 per cent lower than a year earlier, according to Statistics Sweden.
Compared to the first quarter, Sweden’s GDP contracted by 8.6 per cent.
According to Statistics Finland, this is the sharpest decline in a single quarter during the comparable measurement history that began in 1980.
– This is, as expected, a dramatic drop. But compared to many other countries, Sweden fared much better, if compared to southern European countries, says Nordea’s chief analyst Torbjörn Isaksson.
In the same reference period, euro area GDP fell by 12.1 per cent. It was weighed down by gloomy readings in Spain, Italy and France, among others, as the corona pandemic drastically cut tourism revenues.
Sweden has attracted widespread attention with a more lenient approach to the corona pandemic than many other countries, which has enabled companies to continue to operate better than in many other European countries.