Some 48% of GDP comes from exports--and orders were down 16% in January. Export orders for telecom equipment, a major Swedish product, were down 43%.
Almost all adult Swedes own equities through mutual funds and pension schemes. The 36% decline in Swedish stocks could knock as much as 0.5% off GDP.
The boom of the past two years has cut once chronically high unemployment
to 4.3%. But announced layoffs from Ericsson and other companies could
signal a rise in joblessness.