March 21, 2010
Swedish GDP fall slows to 6.2 percent: report
Published: 31 Jul 09 10:16 CET
Online: http://www.thelocal.se/21024/20090731/
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Sweden's GDP fell by 6.2 percent during the second quarter on the corresponding period of 2008, according to new figures published by Statistics Sweden (SCB) on Friday.
- Inflation rate doubles in February (11 Mar 10)
- Sweden's GDP growth at post-war low (1 Mar 10)
- Swedes show growing confidence in economy (25 Feb 10)
Analysts had forecast that GDP would fall by 6.6 percent year-on-year, according to a Reuters survey. A fall of 0.4 percent had been expected on the first quarter.
Swedish GDP declined by 6.5 percent in comparison with the corresponding quarter of 2008, which was the largest decline since records began in 1994.
Household consumption declined by 2.2 percent over the quarter. Spending on cars and transportation accounted for the largest part of the decline.
Spending on alcohol and tobacco, as well as health products and healthcare costs increased however.
"It was in a way a positive confirmation that the Swedish economy has stopped falling. We are not yet showing growth, but this indicates that we are at a turning point," Robert Bergkvist at SEB said.
"But it is still a very fragile economy that we are dealing with," he points out, adding that Sweden has a very slow recovery to look forward to.
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