Trade boosts Gothenburg - but worries about jobs

The economic index for the fourth quarter in the Gothenburg region rises to 107.4, according to the municipally owned Business Region Gothenburg, BRG. It is 4.8 points higher than last quarter and not far from the level considered as a boom (110).

The list of positive signals also includes, despite Volvo Car's new savings package, the jobs: There are now 6,000 more than a year ago and unemployment has fallen to what is described as a normal level: 6.2 percent.

It is, as before, lower than in the Stockholm region (6.5 percent) and in Malmö (8.4) as well as in the country as a whole (6.3).

Unemployment fell the most in the Gothenburg region among those born abroad - although the level for that group is still the highest (12.3 percent).

But there are signs of tougher times for jobs. The warning increased to a level higher than normal - and then the cuts that Volvo Cars has flagged must be added. The number of unadvertised jobs is also described as "significantly lower" than the record year 2022 and falling.

- We are still waiting for things to loosen up for the export industry. Maybe after the turn of the year, says Peter Warda, senior analyst at BRG.

But despite the fact that the industry in the West has lost profitability, in the survey that forms the basis of the report, it signals optimism for 2027. The majority of companies believe in growing production and the indicator for the industry is close to the border of boom.

The construction industry has made the strongest upward turn. "The turnaround came suddenly and is expected to last. The barometer swung up twelve steps during the quarter," writes BRG.

- This is important, not least when we now see major cutbacks from Volvo Cars. The fact that we are losing 2,000 positions in automotive in the region means that another 3,600 jobs will disappear in the rest of Sweden, says Henrik Einarsson, head of analysis at Business Region Gothenburg.

However, there seems to be money and a desire to shop in Gothenburg, and many traders believe in increased sales - even if it does not lead to more jobs.

BRG now has access to new statistics via the card company Visa. It said that consumption in the region in the third quarter was just over 39 billion, six percent more than last year.

Of the increase, tourists from the rest of Sweden and abroad accounted for 90 percent, and it can be seen that the passages in central Gothenburg increased by 7.3 percent.