Sweden's economy experienced the biggest decline in GDP in 40 years in the second quarter of this year, the Swedish Statistics Office (SCB) reported on Wednesday. The country has not been shut down due to the coronavirus outbreak. In the second quarter of this year though, Sweden's GDP fell by 8.6 percent compared to the previous quarter and by 8.2 percent compared to the second quarter of 2019.
This result was influenced by the crisis in the tourism industry, the collapse of industrial production, the decline in exports and internal consumption, although the Swedish authorities, unlike many other countries, have not decided to close the society due to the epidemic.
According to Swedish TV broadcaster SVT, the economic situation in Sweden is not the worst compared to other European countries. Spain's GDP fell by 18.5 percent in the second quarter, France's 13.8 percent and Italy's 12.4 percent.
In June, unemployment in Sweden was 9 percent, compared to 6.7 percent in the same month a year earlier.