Only minus 8.6 percent: Swedish Corona-recession milder than in the Euro area

The Swedish economy is not crashed in the Corona-crisis as strong as in other European countries. The gross domestic product fell in the second quarter at a rec

Only minus 8.6 percent: Swedish Corona-recession milder than in the Euro area

The Swedish economy is not crashed in the Corona-crisis as strong as in other European countries. The gross domestic product fell in the second quarter at a record pace of 8.6 percent for the first quarter of the year, as the statistics office announced on Wednesday in Stockholm.

During the global financial crisis in late 2008, it was only 3.8 percent. Sweden is treading in the pandemic a different approach: most schools and many businesses remained open, while elsewhere, to more drastic measures have been resorted to.

"The economic said crisis in the first half of the year, plays in a completely different League than the horror shows elsewhere in Europe," Economist David Oxley of Capital Economics on the economic development in Sweden. For comparison:The Euro-Zone overall, crashed in the spring of 12.1 percent, the European Union, to 11.9 percent.The German economy shrank by 10.1%, the Spanish by 18.5 per cent, and Italian by 12.4 percent. An exception to this is after the first quick estimate of Lithuania, where the economic performance in the second quarter declined by only 3.7 percent.

Updated Date: 05 August 2020, 12:20

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