May 5, 2020 / 7:47 AM / a month ago

Swedish economy shrinks in Q1, virus outbreak means worse to come

STOCKHOLM, May 5 (Reuters) - Sweden’s economy shrank slightly in the first quarter, flash estimates from the Statistics Office showed on Tuesday.

Gross domestic product decreased 0.3% in the first three months of the year compared to the final quarter of 2019 and grew 0.5% from the same period in 2019, the Statistics Office said in a statement.

A bigger dip is widely expected for the April-June period when the full effects of outbreak of the novel coronavirus will be felt. The government reckons the economy will shrink around 7% this year, with much of the hit likely to come in the second quarter.

Reporting by Simon Johnson and Johan Ahlander, editing by Anna Ringstrom

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