• Sweden edition
 

Swedish economy continues to grow

Published: 29 Jul 2011 10:47 GMT+02:00
Updated: 29 Jul 2011 10:47 GMT+02:00

Sweden's economy expanded by one percent in the second quarter, while year-on-year growth slowed to 5.3 percent, data released Friday by the central statistics office (SCB) showed.

The figures beat the expectations of analysts polled by the Dow Jones Newswire who had expected growth of 0.6 percent in the quarter and 4.9 percent on an annual basis.

Household consumption expenditures rose by 2.3 percent,w hile gross fixed capital formation increased by 8.1 percent.

In addition, exports increased 7.8 percent and imports 5.8 percent.

Total employment, measured as the number of hours worked, increased 1.8 percent while the number of employed persons increased 2.5 percent.

Sweden's new GDP growth figures are slightly higher than those expected by the Riksbank and in line with the expectations of Nordea bank, according to a statement by Nordea analyst Andreas Jonsson.

Export figures were also somewhat stronger than Nordea expected, while investment was somewhat lower.

"This speaks to our assessment that the Riksbank will continue with their austerity policies," said Nordea.

In the first quarter of 2011, Sweden reported an annual growth rate of 6.4 percent, one of the highest in Europe.

Without taking into account seasonal variations, the year-on-year growth of the Gross Domestic Product was 4.8 percent, the statistics office said.

AFP/The Local (news@thelocal.se)

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Your comments about this article

12:45 July 29, 2011 by andyron2
Good going..atleast the expectations of analysts are surpassed.
13:51 July 29, 2011 by Bigd
if year on year growth slowed to 5.3%, how is that the economy growing....

or do they mean this 'growth' from the expected 4.9%
14:04 July 30, 2011 by Joekara
Good GDP growth improved beyond expectation. A good reason to spend more.

Nearing Pensioner can ask my recomendation for the comming 15 years from now

You may put your mail Id on ( joevcanaan@gamil.com ) will definitly earn some benifit.
23:49 July 30, 2011 by Joeboyscout04
Ahh Sweden, stop growing so much! You're making the rest of us silly debt-ridden nations look bad!
01:18 July 31, 2011 by Smallnose
Good news. I'll ask my boss a midyear raise. A 5% pay increase sounds reasonable now.
09:14 August 2, 2011 by HYBRED
I have no evidence to dispute anything in this article. Having said that; there are economic problems in about every country in the world right now. I find it hard to believe that everything is so rosy in Sweden. I think the numbers in this article are a bit twisted to keep everyone's confidence up.
12:18 August 2, 2011 by Molnboman
Let's see how well the economy grows when we have to bail out GM later this month!
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