SWC error when compressing Svelte.

<div class="app"></div>

<script type="module">
    import { App } from './dist/test-vite.js';

    new App({
        target: document.querySelector('.app'),
        props: {
            label: 'world',
        },
        // context: []
    });
</script>

vite.html works, swc.html (same code as above but loads test-swc.js) throws the error below.

Uncaught TypeError: Cannot read properties of undefined (reading 'context')
    at I (test-swc.js:197:49)
    at new ft (test-swc.js:336:43)
    at swc.html:18:13

If we supply context prop to App the app works but the sub component will throw the error.

If we disable compress in the .swcrc file the code runs.

{
    "jsc": {
        "minify": {
            "compress": true,
            "mangle": false
        }
    }
}

This is problematic as NextJS 12 has switched to SWC for compressing code and Svelte components used will throw an error.