Swedish GDP rises in Q1

Swedish GDP rose a preliminary calendar adjusted 1.4% in the first quarter year-on-year, with gross fixed capital formation accounting for most of the growth, the Central Statistical Bureau (SCB) reported.

Seasonally adjusted, the economy grew by 0.3% compared with the fourth quarter of 2004.

Market expectations were for first quarter GDP growth of 2.4% year-on-year and 0.5% from the fourth quarter, according to a survey by SME Direkt.

Total final consumption expenditure by households increased by 0.5% in the first quarter compared with a year earlier, while total final consumption expenditures by general government fell 1.2%, SCB reported.

Gross fixed capital formation rose 7.0% year-on-year, which contributed 1 percentage points to the GDP growth, while exports were up 2.7% and imports up 3.9%.