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Swedish economic growth unexpectedly strong

Tuesday, 29 November 2011
Sweden's economy grew unexpectedly quicker in the third quarter, with exports driving the economy more but the figures for the first and second quarter was revised down.

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Sweden's GDP, that is, the total output of goods and services, increased during the third quarter by 1.6 percent from the previous quarter and by 4.6 percent in annualized terms, according to figures from Statistics.

This was on the whole, high above analysts' expectations of 0.5 and 3.5 percent. The largest contribution to GDP growth, at 2.5 percentage points came from foreign trade. It was the largest contribution from the sector since 2004. Investment contributed 1.0 percentage points, government consumption by 0.5 and private consumption by 0.4 percentage points. As regards to private consumption, that decreased in contribution especially from car sales significantly.

One surprise was that inventory investment, that is, companies' production for the shelf, contributed 0.2 percentage points to growth. Most analysts had expected a negative contribution.

While SCB revised down figures for the first two quarters. Growth during the first three months is now estimated at 5.8 percent in annualized terms. The previous forecast was 6.1 percent. In the second quarter SCB now expects the economy grew by 4.7 percent rather than 4.9 percent.
By Scancomark.se Team




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