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Swedish economy bounces back to growth

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11:50 CEST+02:00
Sweden's economy returned to growth in the second quarter, ending a year of contraction and indicating that the worst of the country's recession may be over.

The economy grew by 0.2 percent in the second quarter from output in the first quarter, revised figures showed.

But on a 12-month basis, the economy shrank by 6.0 percent, Statistics Sweden, the country's official data agency, said in a statement.

Sweden's export-driven economy has been hit by weakening demand as consumers and companies cut back on spending amid the global financial turmoil and a lack of available credit.

Statistics Sweden said on July 31 that growth had been flat for the April-June period from the first quarter and down 6.2 percent on a 12-month basis.

The agency revised its second-quarter figures based on better-than-expected household spending and exports data.

It said household consumption fell by 1.8 percent year-on-year and exports were down 16.9 percent.

In July, it had said household spending dropped by 2.2 percent and exports by 18.0 percent.

Sweden's central bank said on September 3 that "the signs of a turnaround in the economy have become increasingly clear" but warned that unemployment will continue to rise through to 2011.

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