Swedish economy grew in second quarter
Sweden’s economy was not flat quarter-on-quarter – it grew 0.2 percent, updated figures showed.
| Related news: • Sweden’s economy dived 6.2 percent |
Seasonally adjusted GDP increased by 0.2 percent in Sweden during the second quarter compared to the first quarter of 2009, the statistics office said on Friday when it presented its updated figures.
In July the organization said the economy was flat quarter-on-quarter. The new figures has been revised upwards by 0.2 percentage points.
The agency revised its second-quarter figures based on better-than-expected household spending and exports data.
Sweden's export-driven economy has been hit by weakening demand as consumers and companies cut back on spending amid the global financial turmoil and a lack of available credit.
The economy shrank by 6.0 percent in the second quarter, in working-day adjusted figures compared to a year ago. In July Statistics Sweden said the economy decreased by 6.2 percent.
Here’s the updated statistics:
• Household consumption expenditures decreased by 1.8 percent, while general government consumption expenditures were unaltered.
• The changes in inventories amounted to a negative GDP change of 2.6 percentage points.
• Gross fixed capital formation decreased by 18.9 percent.
• Exports decreased by 16.9 percent and imports by 20.3 percent.
• Industrial production decreased by 8.2 percent.
• Total producers of goods decreased by 15.1 percent and service sector industries by 3.8 percent.
• Total employment, measured as the number of hours worked, decreased by 4.2 percent while the numbered of employed decreased by 2.2 percent.
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Last Updated (Friday, 11 September 2009 13:18)
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