Sweden’s economy grew less than expected in the final three months of 2019 and shrank for the whole year as the coronavirus pandemic impacted activity severely, preliminary data from Statistics Sweden showed on Monday.
Gross domestic product rose a seasonally adjusted 0.5 percent from the third quarter, when the economy grew a revised 4.3 percent. Economists had forecast 0.7 percent growth.
The economy expanded for a second consecutive quarter.
The latest upturn implies that in the second half of the year, the economy recovered 63 percent of the large decline from the second quarter, Statistics Sweden said.
Compared to the same quarter a year ago, the economy shrunk 2.6 percent in the fourth quarter after a 2.5 percent contraction in the previous three months. Economists had expected a 2.3 percent fall.
The Swedish economy contracted 2.8 percent in the year 2020.