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Sweden’s GDP grew less than previously thought in the second quarter 2013

Friday, 13 September 2013
Sweden’s GDP increased 0.1 percent in the second quarter 2013, working-day adjusted and compared to the second quarter of 2012. GDP decreased 0.2 percent, seasonally adjusted and compared to the first quarter of 2013.
This means that growth in the second quarter was lower than SCB's earlier assessment. Thus, Sweden's economy grew more slowly in the second quarter than previously thought.Swedish Economy is depressing
According to the revised statistics, presented by statistic Sweden (SCB) GDP shrank by 0.2 percent on a quarterly basis and grew by 0.1 per cent annual rate. The preliminary assessment was minus 0.1 percent on the quarter and plus 0.6 per cent.
The quarterly figure revised down slightly was expected, but the big change in the annual rate took analysts by surprise. According analyst survey expected instead was an upward revision in the annual rate to 0.7 per cent.

Household consumption expenditures increased by 1.9 percent and general government consumption expenditures increased by 2.0 percent non-adjusted.

Changes in inventories contributed 0.4 percentage points to GDP growth. Gross fixed capital formation decreased by 3.0 percent. Exports decreased by 2.3 percent and imports decreased by 1.1 percent. Market production of goods and services decreased 0.5 percent, working-day adjusted.

Production of goods dropped by 2.9 percent and service-producing industries grew by 0.8 percent. Total employment measured as the number of hours worked increased by 1.2 percent and the number of persons employed increased 0.8 percent.

Compared to the publication in July 2013, GDP growth has been revised downwards 0.5 percentage points in the second quarter of 2013 and 0.4 percentage points in the first quarter of 2013.
by Team

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