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Sweden

Key Indicators

BOP
Current Account, Balance, SEK - Sweden
45674516000, 60866564000, 51258220000, 50313474000, 53343110000 53,343,110,000
Monetary Policy Rate
Repo Rate, Percent - Sweden
1.08, 1.25, 1.35, 1.5, 1.54 1.54
National Accounts
GDP, Expenditure Approach, GDP at market prices, Constant prices (2000&2009), SEK - Sweden
-1.2, 2.68, 5.16, 6.93, 7.75 7.75
Harmonized Index of Consumer Prices (HICP)
2005=100 - Sweden
2.1, 1.38, 1.24, 1.38, 1.8 1.8
SWE Unemployment rate
survey-based (all persons) sa Stock or Quantum, SA, % - Sweden
9.3, 8.8, 7.7, 8.6, 8.1 8.1
data by Factset

Sweden Outlook: Languished Nordic Tiger

We expect Sweden to slip into a recession in Q1 2012 due to weak external demand in Europe, cautious household spending and destocking. Growth will be weak throughout 2012, after a supercharged recovery that lasted for 10 quarters with average q/q growth of 1.1%. Our 2013 growth forecast has been upgraded considerably due to RGE’s changed eurozone base-case scenario. Monetary policy will do the heavy lifting to support growth and we expect the Riksbank to continue cutting rates in its next two meetings.

Read the latest Sweden Outlook

Economic Research

Central Bank Watch

Riksbank: Seeing the EZ Through Rose-Colored Glasses

By Mikko Forss Apr 19, 2012

Central Bank Watch

Riksbank: Further Cuts and Rate-Path Revisions to Come

By Mikko Forss Mar 12, 2012

Global Economic Outlook

Sweden Outlook: Languished Nordic Tiger

By Mikko Forss Mar 12, 2012

Europe Weekly

European Growth: Reading the Tea Leaves

By Elisa Parisi-Capone, Mark Willis, Jelena Vukotic , Parul Walia, Sehaj Malik, Maya Senussi and Mikko Forss Feb 17, 2012

Central Bank Watch

Riksbank: A Further Rate Cut Expected in February

By Mikko Forss Feb 9, 2012

Europe Weekly

EZ Pitfalls in 2012; Italian GDP; New Spanish Government; Swedish Monetary Policy; Hungarian, Polish Banks; EZ Calendar

By Katharina Jungen, Megan Greene, Mark Willis, Mikko Forss, Jelena Vukotic and Danya Churanek Dec 23, 2011

Central Bank Watch

Riksbank: December Update

By Mikko Forss Dec 15, 2011

Global Economic Outlook

Sweden Outlook: All Good Things Come to an End

By Mikko Forss Dec 2, 2011

Europe Weekly

German, Global Central Bank, ECB Moves to Solve EZ Crisis; EZ Yield Curves; Hungarian Monetary Policy; Scandinavian Growth; EZ Calendar

By Elisa Parisi-Capone, Megan Greene, Katharina Jungen, Mikko Forss, Jelena Vukotic, Mark Willis and William Oman Dec 2, 2011

Central Bank Watch

Riksbank: November Update

By Mikko Forss Nov 17, 2011

Global Economic Outlook

Sweden Outlook Update: Hit by EZ Woes and Falling Asset Prices

By Mikko Forss Nov 2, 2011

Europe Weekly

EZ Summit Questions; ECB’s Next Rate Move; German Obstacles; Swedish Rate Cuts; Resilient Polish Consumption; Italian Politics; EZ Calendar

By Katharina Jungen, Elisa Parisi-Capone, Megan Greene, Mikko Forss, Jelena Vukotic and Mark Willis Oct 28, 2011

Europe Weekly

PMIs Painting a Gloomier Picture by the Month

By Mikko Forss, Megan Greene, Rachel Ziemba, Katharina Jungen, Parul Walia, Maya Senussi, Jelena Vukotic, Tetiana Sears and William Oman Oct 7, 2011

Central Bank Watch

Pulling Out Policy Rabbits, Putting Policy Ducks in a Row

By Michael Manetta and the RGE Economic Research Team Oct 4, 2011

Europe Weekly

UK QE2; Hungarian Financial Stability Concerns; Swedish Policy Bullets; Swiss Currency Strength; Irish Growth Outlook

By Parul Walia, Jelena Vukotic, Mikko Forss, William Oman and Sehaj Malik Sep 23, 2011

Global Economic Outlook

Sweden Outlook Update: Internal and External Headwinds

By Mikko Forss Sep 20, 2011

Central Bank Watch

Summary Table: RGE Policy Rate Forecasts and Market Interbank Rate Expectations

By Michael Manetta and the RGE Economic Research Team Aug 19, 2011

Central Bank Watch

Riksbank: August Update

By Mikko Forss Aug 19, 2011

Europe Weekly

Europe-Wide Growth Slowdown

By Elisa Parisi-Capone, Katharina Jungen, Mikko Forss, Jelena Vukotic, Parul Walia, William Oman, Sehaj Malik, Filipe Albuquerque Aug 19, 2011

Global Economic Outlook

Sweden Outlook Update: Open Economy Takes a Hit

By Mikko Forss Aug 18, 2011

Europe Weekly

PMIs Paint Gloomy Picture, With Few Exceptions

By William Oman, Elisa Parisi-Capone, Parul Walia, Mikko Forss, David Rogovic and Jelena Vukotic Aug 5, 2011

Europe Weekly

UK Monetary Policy; Eurozone Inflation; Swedish Households; Eastern European Banks; Turkish Consumer Confidence; Polish Manufacturing

By Parul Walia, William Oman, Mikko Forss, Jelena Vukotic and David Rogovic Jul 22, 2011

Global Economic Outlook

Sweden Outlook Update: Less Stellar Growth Ahead

By Mikko Forss Jun 17, 2011

Europe Weekly

Regional Growth Dynamics—Eurozone, UK, Nordics, Turkey

By Elisa Parisi-Capone, Parul Walia, Mikko Forss and David Rogovic Jun 10, 2011

Economic Research

Central Bank Watch: The Shifting Tides of Global Monetary Policy

By James Mason and the RGE Economic Research Team Jun 8, 2011

Europe Weekly

Eurozone Core Comes Up Trumps in Q1; UK, EZ Periphery Moving at Half Speed

By Elisa Parisi-Capone, Katharina Jungen and James Mason May 13, 2011

Europe Weekly

Polish Fiscal Plan; Swedish Government Debt; Spanish Politics

By David Rogovic, James Mason, Mikko Forss, Mark Willis and Jelena Vukotic Apr 8, 2011

Economic Research

Sweden: Government Debt Trending Down

By Mikko Forss Apr 8, 2011

Economic Research

Is the Global Nuclear Renaissance Over?

By Gary Clark Mar 31, 2011

Global Economic Outlook

Sweden Outlook: Back to Trend Growth

By Mikko Forss Mar 18, 2011

Economic Research

Scandinavia: Core Inflation Under Control

By Mikko Forss Mar 11, 2011

Europe Weekly

Widening French Deficit; Czech Monetary Policy; Scandinavian Inflation

By Mark Willis, Jelena Vukotic, Parul Walia, Mikko Forss and James Mason Mar 11, 2011

Economic Research

Nordics: Why Is Sweden Outperforming Finland?

By Mikko Forss Mar 4, 2011

Europe Weekly

ECB Surprise; UK Manufacturing; Hungary's Reform Package

By RGE's Europe Analyst Team Mar 4, 2011

Europe Weekly

ECB Rate Path; Turkish Imbalances; UK Labor Market

By Elisa Parisi-Capone, David Rogovic, Parul Walia, Mikko Forss and Mark Willis Feb 25, 2011

Europe Weekly

Irish Fiscal Plan in Doubt; Fighting Nordic Bubbles; Belgian Deadlock

By James Mason, Parul Walia, Mikko Forss, Elisa Parisi-Capone, Jelena Vukotic, Mark Willis and Pamela Reyes Feb 4, 2011

Economic Research

Nordics: Fighting the Bubbles

By Mikko Forss Feb 4, 2011

Europe Weekly

Greek Debt Restructuring; Turkish Monetary Policy; German Elections; Swedish Banks

By Elisa Parisi-Capone, David Rogovic, Mark Willis and Mikko Forss Jan 21, 2011

Economic Research

Swedish Banks: Fewer Risks in the Baltic Region

By Mikko Forss Jan 21, 2011

Europe Weekly

Irish Bank Debt; EZ and CE Growth; Nordic Exports

By James Mason, David Rogovic, Mikko Forss and Elisa Parisi-Capone Jan 7, 2011

Economic Research

Nordics: 2011 Will Bring Slower Growth in Export Markets

By Mikko Forss Jan 7, 2011

Global Economic Outlook

Global Overview: 2011 Outlook

By Christian Menegatti, Nouriel Roubini and the RGE Macroeconomics Team Dec 7, 2010

Global Economic Outlook

Nordics: 2011 Outlook

By Mikko Forss Dec 7, 2010

Global Economic Outlook

Sweden: 2011 Outlook

By Mikko Forss Dec 7, 2010

Global Economic Outlook

Macro Forecasts: 2011 Outlook

By the RGE Macroeconomics Team Dec 7, 2010

Europe Weekly

EZ Current Accounts; Sweden's Hung Parliament Risk; Basel III Impact on German Banks

By Elisa Parisi-Capone, Mikko Forss, Mary Stokes, Katharina Jungen, Parul Walia and David Rogovic Sep 17, 2010

Global Economic Outlook

Global Overview: September 2010 Outlook Update

By Nouriel Roubini, Christian Menegatti and the RGE Macroeconomic Team Sep 10, 2010

Global Economic Outlook

Nordics: September 2010 Outlook Update

By Mikko Forss Sep 10, 2010

Global Economic Outlook

Sweden: September 2010 Outlook Update

By Mikko Forss Sep 10, 2010

Europe Weekly

Q2 GDP in the Eurozone and UK; High-Flying Swiss Franc; Turkey's Referendum

By Elisa Parisi-Capone, Mikko Forss, Parul Walia, Mary Stokes and Katharina Jungen Sep 3, 2010

Europe Weekly

Periphery Bank Borrowings; German H2 Preview; Romania's IMF Loan Risk

By Elisa Parisi-Capone, Katharina Jungen, Mikko Forss, Jelena Vukotic and Parul Walia Aug 27, 2010

Economic Research

Europe Weekly Spotlight: UK and German Inflation; Turkish Monetary Policy; Nordic PMIs

By RGE’s Europe Analyst Team Aug 20, 2010

Economic Research

Europe Weekly Spotlight: Eurozone Q2 Growth; Is Germany Rebalancing?; Polls Near in Latvia and Sweden

By Elisa Parisi-Capone, Katharina Jungen, Mary Stokes, Parul Walia, David Rogovic and Eric Persson Aug 13, 2010

Economic Research

Europe Weekly Spotlight: EZ Corporate Credit Conditions; Inflation Risks in Russia

By Elisa Parisi-Capone, Katharina Jungen, Rachel Ziemba, David Rogovic, Mikko Forss and Jelena Vukotic Jul 30, 2010

Global Economic Outlook

Nordics: Q3 2010 Outlook

By Mikko Forss Jul 10, 2010

Global Economic Outlook

Sweden: Q3 2010 Outlook

By Mikko Forss Jul 10, 2010

Economic Research

Europe Weekly Spotlight: Multi-Speed Eurozone Recovery; Strong UK Gilts; Confident Nordics

By Elisa Parisi-Capone, Parul Walia, Eric Persson, Mary Stokes, Jelena Vukotic and David Rogovic Jul 9, 2010

Economic Research

Europe Weekly Spotlight: Growth in Turkey, Austerity Beyond (even France)

By Elisa Parisi-Capone, Mary Stokes, Katharina Jungen, Mikko Forss, Parul Walia and David Rogovic Jun 25, 2010

Global Economic Outlook

Sweden: Q2 2010 Outlook

By Mikko Forss Apr 12, 2010

Economic Research

Scandinavian Currencies: New Safe Havens?

By Mary Stokes and Mikko Forss Mar 12, 2010

Global Economic Outlook

Sweden: Q1 2010 Outlook

By Mikko Forss Jan 30, 2010

Economic Research

Carry Trade Hotspots: A Currency by Currency Forecast for 2010

By Mikka Pineda, Mary Stokes, Bertrand Delgado, Mikko Forss, Kavitha Cherian, Arpitha Bykere and Christian Menegatti Jan 4, 2010

Economic Research

Come to Mother: An RGE Strategy for the 2010 Carry Trade

By Arnab Das, Natalia Gurushina, Jennifer Kapila, Elisa Parisi-Capone Jan 4, 2010

Economic Research

Sweden Economic Outlook, Q4 2009

By Mary Stokes Oct 7, 2009

Economic Research

Sweden Economic Outlook, Q3 2009

By Mary Stokes Jul 24, 2009

Economic Research

Swedish Banks: Could They Get Burned by Heavy Baltic Exposure?

By Mary Stokes and David Rogovic Jun 24, 2009

EconoMonitors

Finance & Markets Channel

Once Again, It's Sweden (Sweden!) Showing the Way

Barry Ritholtz Nov 10, 2011

Ed Dolan's Econ Blog

How Smart Fiscal Rules Keep Sweden's Budget in Balance

Ed Dolan Jul 31, 2011

Finance & Markets Channel

Go Swedish, Part 47

Barry Ritholtz Jun 28, 2011

Finance & Markets Channel

The Swedish Banking Crisis Response or the Bailout Hustle?

Edward Harrison Feb 22, 2010

Global Macro Channel

Output, Productivity, Employment, Household Debt, Consumption, and Wealth

Mark Thoma Sep 23, 2009

Global Macro Channel

Experimenting with Negative Interest Rates

James Picerno Aug 31, 2009

Daily Digest

Analysis

Sweden: Economic forecast summary (May 2012)

OECD  May 22, 2012

Analysis

Support increases for Sweden’s opposition

Financial Times  Michael Stothard May 14, 2012

News

Swedish Krona Drops to Five-Month Low on Crisis

Bloomberg  Jonas Bergman and Adam Ewing May 11, 2012

Analysis

Sweden: CPI and CPIF inflation decelerating in April as expected

Handelsbanken  Anders Brunstedt May 10, 2012

Analysis

Sweden: No recovery after February decline

Handelsbanken  Anders Brunstedt May 10, 2012

Analysis

Nordic Outlook: May 2012

SEB  May 08, 2012

Analysis

Sweden: Manufacturing PMI still loitering around 50

Handelsbanken  Anders Brunstedt May 02, 2012

Analysis

Riksbank minutes more dovish than expected

SEB  Olle Holmgren May 02, 2012

News

Swedish Krona Rises as Consumer Confidence Reaches 9-Month High

Bloomberg  Anchalee Worrachate Apr 26, 2012

Analysis

Sweden: Growing household optimism

National Institute of Economic Research (Sweden)  Apr 26, 2012

Analysis

Sweden: Economic and Budget Policy Guidelines

Ministry of Finance, Sweden  Apr 16, 2012

Analysis

Sweden: optimistic Riksbank

Danske Bank  Roger Josefsson and Carl Milton Apr 18, 2012

Analysis

Sweden: Repo rate unchanged, as expected

Handelsbanken  Anders Brunstedt Apr 18, 2012

Analysis

Riksbank on hold - no signal of further cuts

SEB  Apr 18, 2012

News

Sweden’s Riksbank Keeps Key Interest Rate at 1.5%

Bloomberg  Johan Carlstrom Apr 18, 2012

Analysis

Sweden: Repo rate unchanged at 1.50 per cent

Riksbank (Central Bank of Sweden)  Apr 18, 2012

Analysis

Riksbank to remain at 1.50% - small SEK positive; NOK: Petroleum flows

SEB  Carl Hammer et al Apr 17, 2012

Analysis

Sweden: A policy to promote jobs and welfare - the 2012 Spring Fiscal Policy Bill

Ministry of Finance, Sweden  Apr 16, 2012

Analysis

Sweden: Consumer prices in March as expected

Handelsbanken  Anders Brunstedt Apr 12, 2012

News

Swedish Inflation Slows as Riksbank Battles Recession Risk

Bloomberg  Johan Carlstrom Apr 12, 2012

Analysis

Norway: Core inflation picking up a bit more than expected

SEB  Stein Bruun Apr 10, 2012

Analysis

Sweden: House price indicator at highest level in 10 months

SEB  Sanna Eckardt Apr 10, 2012

Analysis

Sweden: February setback for industrial production

Handelsbanken  Anders Brunstedt Apr 10, 2012

Analysis

Sweden: Material for assessing monetary policy

Riksbank (Central Bank of Sweden)  Apr 04, 2012

Analysis

Sweden: A ray of light, at last!

Danske Bank  Roger Josefsson Apr 04, 2012

Analysis

Sweden: March PMI lower than expected

Handelsbanken  Anders Brunstedt Apr 02, 2012

Analysis

Sweden: Several Signs of an Upturn Soon

National Institute of Economic Research (Sweden)  Mar 28, 2012

Analysis

Economic Outlook: Northern lights

Nordea  Helge J. Pedersen et al Mar 27, 2012

Analysis

Norway: Strong labour market; Sweden: Expect less pessimism

DNB Nor  Kyrre Aamdal and Kjersti Haugland Mar 26, 2012

Analysis

Sweden: SEB’s house price indicator back at positive level

SEB  Sanna Eckardt Mar 12, 2012

Analysis

Riksbank likely on hold in April despite weak Q4 GDP

SEB  Charlotte Asgermyr and Olle Holmgrem Mar 08, 2012

Analysis

Sweden CFO Survey: Uncertainties remain but signs of increasing optimism

Deloitte/SEB  Andreas Marcetic et al Mar 08, 2012

Analysis

Swedish Debt office: Bond issuance in 2012 is raised to SEK 50bn

SEB  Olle Holmgren Mar 06, 2012

Analysis

Sweden: Weaker than expected PMI

Handelsbanken  Anders Brunstedt Mar 01, 2012

News

Sweden Goes From Best to Worst in Scandinavia as Jobs Vanish

Bloomberg  Johan Carlstrom Mar 01, 2012

Analysis

Sweden: Major downside surprise to GDP

SEB  Olle Holmgren and Sanna Eckardt Feb 29, 2012

Analysis

Sweden: Greater than expected slowdown in growth

Handelsbanken  Anders Brunstedt Feb 29, 2012

Analysis

Riksbank Minutes: Keeping doors open

SEB  Sanna Eckardt Feb 29, 2012

Analysis

Stronger Swedish growth data in January

SEB  Olle Holmgren Feb 28, 2012

Analysis

Norway: Strong NOK and solid domestic developments; Sweden: Labour market deteriorates

DNB Nor  Kyrre Aamdal and Kjersti Haugland Feb 27, 2012

Analysis

Riksbank on hold in April, to cut in July

SEB  Feb 23, 2012

Analysis

Sweden: Rise in Economic Tendency Indicator

National Institute of Economic Research (Sweden)  Feb 23, 2012

Analysis

Riksbank has borrowed SEK 10bn for the FX reserves

SEB  Carl Hammer and Olle Holmgren Feb 22, 2012

News

Nordic Currencies Stung in Crisis as Ingves Reverses Policy

Bloomberg  Lucy Meakin Feb 21, 2012

Analysis

Sweden: Repo rate 1.50 percent after cut

Handelsbanken  Anders Brunstedt Feb 16, 2012

Analysis

Sweden: Repo rate cut by 0.25 percentage points

Riksbank (Central Bank of Sweden)  Feb 16, 2012

Analysis

FX Strategy: Riksbank preview

Danske Bank  Stefan Mellin Feb 15, 2012

News

Sweden’s Riksbank Set to Cut Rates

Bloomberg  Johan Carlstrom Feb 15, 2012

Analysis

Nordic Outlook February 2012: slowdown despite underlying strength

SEB  Robert Bergqvist et al Feb 14, 2012

Analysis

Sweden: Unexpectedly strong December production

Handelsbanken  Anders Brunstedt Feb 10, 2012

Analysis

Sweden: the Riksbank's Company Survey

Danske Bank  Michael Boström Feb 08, 2012

News

Swedish Bonds Retrace Gains Against Germany

Bloomberg  Jonas Bergman Feb 07, 2012

Analysis

Norway: Unemployment drops, PMI leaps; Sweden: PMI back above 50

DNB Nor  Kyrre Aamdal and Kjersti Haugland Feb 06, 2012

Analysis

Sweden: House price expectations slightly higher after rate cut

SEB  Olle Holmgren Feb 06, 2012

Analysis

No cost to Sweden to join the EU fiscal pact

Swedbank  Cecilia Hermansson Feb 02, 2012

Analysis

Sweden: Stronger than expected PMI increase

Handelsbanken  Anders Brunstedt Feb 01, 2012

News

Swedish Manufacturing Output Unexpectedly Expanded in January

Bloomberg  Johan Carlstrom Feb 01, 2012

Analysis

Norway: Two-tier economy, more optimistic consumers; Sweden: Positive signs from household sector

DNB Nor  Kyrre Aamdal and Kjersti Haugland Jan 30, 2012

Analysis

Sweden: No further weakening in weak sales trend

Handelsbanken  Anders Brunstedt Jan 27, 2012

Analysis

Swedbank Economic Outlook - Sweden & Baltics

Swedbank  Jan 24, 2012

Analysis

Weaker Swedish sentiment but less gloomy households

Handelsbanken  Anders Brunstedt Jan 26, 2012

Analysis

Norway: Stricter rules for mortgage approvals; Sweden: Fiscal compact or not?

DNB Nor  Kyrre Aamdal and Kjersti Haugland Jan 23, 2012

News

Nordic Banks Lose Edge as Crisis Risks Recede

Bloomberg  Adam Ewing Jan 24, 2012

News

Corporate Debt to Surge in Sweden as Bank Credit Dries Up

Bloomberg  Meera Bhatia and Adam Ewing Jan 20, 2012

Analysis

Sweden: Will the Riksbank cut or not in February?

Danske Bank  Michael Grahn Jan 20, 2012

Analysis

Norway: Weaker global growth weighs on exporters; Sweden: Manufacturing orders plunge

DNB Nor  Kyrre Aamdal and Kjersti Haugland Jan 17, 2012

Analysis

Has SEK decoupled from ordinary drivers?

SEB  Carl Hammer et al Jan 17, 2012

News

Investors Ignore Nordic House Bubble Risk

Bloomberg  Johan Carlstrom and Josiane Kremer Jan 17, 2012

Analysis

Sweden: Falling GDP in Q4

SEB  Jan 16, 2012

Analysis

Sweden: Higher-than-forecast December CPI

Handelsbanken  Anders Brunstedt Jan 12, 2012

Analysis

Norway: Oil sector offsets weaker demand; Sweden: December rate cut, and more to come

DNB Nor  Kyrre Aamdal and Kjersti Haugland Jan 10, 2012

Analysis

Sweden: More weakening for industrial production

Handelsbanken  Anders Brunstedt Jan 10, 2012

Analysis

Nordic Outlook-January 2012

Danske Bank  Steen Bocian Jan 09, 2012

News

Sweden Reports Surplus for 2011 on Tax Growth, Asset Sales

Bloomberg  Johan Carlstrom Jan 10, 2012

Analysis

Sweden: Households still expect house prices to fall

SEB  Sanna Eckardt Jan 09, 2012

Analysis

Sweden: Stronger than expected December PMI

Handelsbanken  Anders Brunstedt Jan 02, 2012

Analysis

Riksbank Minutes from a micro perspective

SEB  Sanna Eckardt Jan 03, 2012

News

Sweden Plans 20-Year Bond, Puts Inflation-Linked Bond on Hold

Bloomberg  Johan Carlstrom Dec 21, 2011

Analysis

Sweden: Unemployment Rising and Becoming Entrenched

National Institute of Economic Research (Sweden)  Dec 21, 2011

Analysis

Economic Tendency Indicator shows increasingly weak growth

National Institute of Economic Research (Sweden)  Dec 21, 2011

Analysis

Sweden: Repo rate cut to 1.75 per cent

Riksbank (Central Bank of Sweden)  Dec 20, 2011

Analysis

Riksbank - a slow starter

Danske Bank  Michael Boström Dec 20, 2011

Analysis

Swedish Employment Falls, Giving Riksbank Scope to Cut Rates

Bloomberg  Johan Carlstrom Dec 15, 2011

Analysis

Sweden: Inflation decline, as expected

Handelsbanken  Anders Brunstedt Dec 13, 2011

Analysis

Sweden: Growth still strong but uncertainty remains

Statistics Sweden  Dec 13, 2011