Economic index back at plus
The economic recovery that began after the summer of 2009 has continued after the turn of the year. This is shown in Statistics Sweden new economic barometer for the Göteborg region. The economic index, which can range from +100 to -100 is now at +3, compared to -27 in the fall. Accordingly the Göteborg region is the part of Western Sweden that is working best. All sectors are reporting on improved economic conditions, but the situation is best in the retail trade and the food and chemical industries, and the consultancy services sector has also developed well. The worst economic reports are from the transport equipment industry which is still on the minus side in the economic index. However, compared to last fall it is a strong upswing. 
 
Employment will rise after the summer
Companies in the region also project a sharp economic improvement in the fall. All sectors are planning to increase the number of employees, and the largest increases are expected for consultancy work and in the construction industry. In particular, staffing agencies see a very bright future, with increases in employment.

The labor market has bottomed out
BRG's own analyses of the labor market show the same positive trend. Since the turn of the year unemployment has fallen by more than 3 000 people in the Göteborg region, which is significantly more than in other metropolitan regions. In the Malmö region, unemployment has fallen by 1 300 people and in the Stockholm region by 615 people since December 2009. However, unemployment is still higher than a year ago. The number of redundancy notices continues to decline while there is a growing number of available jobs and fewer and fewer are affected by redundancy. These tend to be good indicators of a positive labor market for the following six months.

- Taken together this suggests that the Göteborg region is now moving towards a normal position and that the Göteborg region has coped with the crisis unexpectedly well, says Henrik Einarsson, Head of Analysis and Strategy at Business Region Göteborg. Viewed in hindsight, we can see that the financial crisis has not hit the Göteborg region any harder than the country as a whole. One in ten jobs lost in Sweden has hit the region, and this corresponds precisely to our share of the population.

Despite an increasingly stronger economy it is important to note that there are still some threatening clouds looming. The fiscal crisis in Greece and uncertainties surrounding the euro are factors that may affect development negatively.

Contact person: Henrik Einarsson, Head of Analysis and Strategy +46 (0)704-412419
 

S=Spring
A=Autumn