Swedes surprised at 'super' GDP bump
Ann Törnkvist · 28 Feb 2014, 10:00
Published: 28 Feb 2014 10:00 GMT+01:00
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There was also an increase from the third quarter, Statistics Sweden noted.
"GDP increased 1.7 percent, seasonally adjusted and compared to the third quarter of 2013," the statisticians noted.
The Wall Street Journal reported on Friday morning that the news immediately strengthened the Swedish krona, with several observers noting the GDP bump was not wholly expected.
Woah. Go, Sweden. Market didn't see those GDP numbers coming. (+1.7 on Q, seen +0.6). #youSEKsything— Katie Martin (@katie_martin_FX) 28 februari 2014
The Swedish statisticians further noted that household consumption was up by 2 percent, while the production of goods increased 3.4 percent and the production of services grew by 4.3 percent. There were also changes in the employment rate, both in terms of hours worked - 0.4 percent - and actual numbers of people going to work - 1.2 percent.
The Swedish business daily Dagens Industri quickly dubbed the GDP rise "the new super number".
The building industry as well as auto and electronics productions were the chief contributors to the GDP growth, Statistics Sweden noted. In the service industry, banks, insurers, property administrators as well as the retail sector stood out in the numbers.