Sweden's GDP recorded the largest quarterly drop in modern history — tumbling 8.6% during the 3-month period ending in June — despite the country's decision not to shut down its economy.
People walk in Stockholm on July 27, most without the face masks that have become common on the streets of many other countries as a method of fighting the spread of the coronavirus.Jonathan Nackstrand/AFP via Getty Images
David Oxley, senior Europe economist at Capital Economics, said that the sharp contraction of the Swedish economy during the second quarter", despite the government's well-documented light-touch lockdown." Swedish government officials have insisted that saving the economy was never the purpose of their controversial coronavirus strategy. Its aim was to save lives and reduce pressure on the country's health care system.
It is next to impossible to say what effect, if any, the country's response had on its economy, since there are so many factors at play. It is clear, however, that the Swedish economy has fared much better during the second quarter than many other European economies.during the second quarter, its GDP fell 18.5% compared to the previous quarter.
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