Swedish GDP fall slows to 6.2 percent: report
TT/The Local · 31 Jul 2009, 10:16
Published: 31 Jul 2009 10:16 GMT+02:00
GDP was unchanged on the first quarter 2009, according to SCB.
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.