As reported in Mundus Business Insights last week, the economic recovery is already underway in Sweden. With the GDP indicator suggesting that Sweden’s economy has already caught up with pre-pandemic levels, Sweden is doing better than many other EU states, with Germany, France and others still mired in recession. And Sweden has achieved this without relying on the government to anywhere near the extent that other countries have used national debt to prop up activity. Furthermore, the future is looking even better. The April Economic Tendency Indicator was at its highest level in more than a decade, and has risen from 60.4 last April to 113,4 12 months later. Reinforcing this picture is the manufacturing PMI, which rose to 69.1, the second highest reading ever.

The corporate reporting season continued, with SSAB and Nordea doing very well. Lindex and Alfa Laval had acceptable quarters, and although Spotify disappointed the market with its report, it is still producing healthy growth. Soon to add to this picture will be a rebound in social activities. Fatalities as a result of corona are already down 75%. With vaccine deliveries stepping up considerably, and 2.5 million Swedes already having received one dose of the vaccine, in a month’s time, that number should be closing in on 5 million, and the general spread of the pandemic should be much reduced. From May 17, the Government proposes easing restrictions on events (if the virus situation is OK), with up to 500 people allowed in outdoor events with designated seats. Summer is saved, assuming that the sun arrives…