Sweden Records Largest GDP Drop Since 1980, But Outperforms Many Other EU Countries

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    Sweden’s gross domestic product took its largest tumble in a single quarter in modern history during the second quarter of this year, despite the country’s decision to not shut down its economy. The nation’s GDP fell 8.6% during the three-month period ending in June, according to preliminary figures from Statistics Sweden . Yet, Sweden’s economic decline, while dreadful, outpaced that of many other European countries. “The decrease in GDP is the largest single quarter drop in the directly comparable time series starting 1980,” the government agency said in a release. David Oxley, senior Europe economist at Capital Economics, said that the sharp contraction of the Swedish economy during the second quarter ” confirms that it has not been immune to COVID , despite the government’s well-documented light-touch lockdown.” Sweden’s relaxed approach to the coronavirus pandemic has resulted in global scrutiny. Unlike most countries in the world, Sweden didn’t order a strict lockdown. Instead of

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