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The decline during the crisis has been significant in all regions, but there are large differences between regions. Big cities have been hit harder than during, for example, the financial crisis, largely because the crisis has hit the service sector hard, Nordea’s economic report shows.
In the Stockholm region, this year’s growth is expected to be negative for the first time in at least 25 years. In other respects, all regions have better growth prospects compared to the financial crisis.
Employment in Stockholm also fell by almost 3% during the second quarter, the biggest drop since at least 1987. At the same time, the total number of layoffs in Stockholm is already double that of the entire financial crisis. The rest of the regions have received fewer warnings than during the financial crisis.
“The crown crisis is a metropolitan crisis and in Stockholm we expect negative growth figures this year, which would be the first time in at least 25 years for Stockholm. However, all other regions are coping better with the recession than during the financial crisis. The fact that large cities are particularly vulnerable is due to the fact that the service sector has been hit hard during the corona crisis, ”says Susanne Spector, senior analyst at Nordea.
At the same time that the job market downturn has been greatest in Stockholm, most Norrland counties have had better resilience.
“The northern parts of Sweden have done relatively well during the crown crisis and are in a much better position than during the financial crisis. Upper Norrland had the lowest unemployment in the country in August. One reason Norrland is improving is that basic industry has performed relatively well, ”says Susanne Spector.
At the same time, the recovery has now started on a broad front, Nordea says, noting that July’s GDP was just 4.1% lower than the corresponding month last year, while half of the loss in production was recovered. . Unemployment also fell in August in all counties except Södermanland County.
