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Political Economy

Increased consumer spending pushed Swedish GDP to a better than expected 0.7 percent growth in the third quarter of 2012

Thursday, 29 November 2012
Sweden's GDP grew by 0.7 percent in the third quarter compared to the same quarter of the 2001. Compared with the previous quarter, GDP rose by 0.5 percent.
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Official data from Statistic Sweden (SCB), which reports the development of the national accounts for the third quarter, show a better than expected numbers given the nature of Swedish economy being affected by the effects of EU economic slow down.

It was expected according to analysts that GDP would grow by 0.6 percent compared with the year 2011 and increased by 0.2 percent compared with the previous quarter.

Household consumption expenditures increased by 1.3 percent and general government consumption expenditures grew by 1.2 percent non-adjusted. The changes in inventories amounted to a positive GDP change of 0.3 percentage points.

Gross fixed capital formation decreased by 0.4 percent. Exports decreased 2.3 percent and imports 0.7 percent. Production of goods and services increased 0.3 percent.

Compared to the publication in September 2012, the actual GDP growth for the second quarter 2012 has been revised upwards by 0.1 percentage points. The first quarter 2012 GDP growth has been revised downwards by 0.1 percentage points in both actual and working day adjusted figures.

Employment, measured in number of hours worked rose 0.4 percent in the third quarter. The number of employed rose 0.6 percent. In business, the number of hours worked grew by 0.4 percent. Labour productivity in the business sector increased 1.3 percent.
by Scancomark.com Team

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