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Sweden's economy is surprisingly growing strong

Wednesday, 30 May 2012
Sweden's economy developed surprisingly strong in the first quarter just as some leading economies posted negative or no growth. Household consumption, exports and investment were the main drivers to this growth.

GDP increased during the first quarter by 1.5 percent in annual terms and by 0.8 per cent in the fourth quarter of last year according to official data from Statistics Sweden. Adjusted for calendar effects, the increase was 1.1 percent from the first quarter of last year. Growth rate was clearly higher than what analysts had anticipated such as an increase of 0.9 percent in annual terms and by 0.1 percent from the previous quarter. Reuters had also analysed growth of 0.2 percent in the fourth quarter.

Household consumption expenditures rose by 2.1 percent and general government consumption expenditures increased 1.5 percent. The changes in inventories amounted to a negative GDP change of 2.2 percentage points. Gross fixed capital formation increased by 11.4 percent. Exports increased 1.7 percent and imports decreased 0.1 percent. Production of goods and services rose 1.9 percent.

Production of goods decreased 0.7 percent and service sector industries rose 3.4 percent. Total employment, measured as the number of hours worked, increased 1.0 percent while the number of employed persons increased 0.8 percent.

Statistic Sweden said “Compared to the publication in February 2012, the GDP growth for the fourth quarter 2011, both actual and working-day adjusted, has been revised downwards by 0.1 percentage point.”
By Scancomark.se Team / Source: Statistic Sweden 


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