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Swedish economy continues to grow: report

Swedish economy continues to grow: report

Published: 30 Jul 2012 10:45 GMT+02:00
Updated: 30 Jul 2012 10:45 GMT+02:00

"The figures are much stronger than expected. That shows the impressive resilience of the Swedish economy," Nordea analyst Torbjörn Isaksson told the TT news agency.

The figures also showed that household spending in Sweden grew by 0.8 percent over the second quarter of 2012. Housing costs rose while transport expenses fell, according to Statistics Sweden (Statistiska centralbyrånSCB).

Compared with a year earlier, the Swedish economy has grown by 2.3 percent, according to the figures.

Analysts polled by Dow Jones Newswires had put second quarter growth at just 0.2 percent on a month-on-month basis and 0.7 percent on a year-on-year comparison, respectively.

Exports took the lead, gaining 1.7 percent, according to Statistics Sweden.

The government in April slashed its 2012 growth forecast from 1.3 percent to 0.4 percent because of the deteriorating eurozone debt crisis.

In 2011, Sweden's economy grew by 3.9 percent though it contracted by 1.1

percent in the fourth quarter on a quarterly basis.

Despite the more optimistic figures, Swedes are gloomy about the economy according to a survey carried out by research company Skop, which shows that one in three Swedish households think that worse is yet to come.

AFP/The Local (news@thelocal.se)

Your comments about this article

12:06 July 30, 2012 by Abe L
What was the reason for the falling transport expenses. The gas prices have not gone down, in fact the opposite. Or is that only a side-effect of the entire Swedish population not working in July and therefor not spending money on commuting? In which case it's a pretty irrelevant conclusion.
12:52 July 30, 2012 by 007
if people can't figure out which months comprise the 2nd quarter, i don't suggest they try to understand economics either.
14:34 July 30, 2012 by Swedish Cat
I like it.. Get that confidence going and bring us slowly back.

Know I might me shot down here but think our government has done a good job keeping Sweden up in the toughest times through history. No, don't get me wrong as did not say it was fun having to cut spending and repaying debts..
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