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Swedish economy bounces back to growth

AFP/The Local · 11 Sep 2009, 11:50

Published: 11 Sep 2009 11:50 GMT+02:00

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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.

Story continues below…

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.

AFP/The Local (news@thelocal.se)

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Your comments about this article

13:41 September 11, 2009 by skane refugee
Looks very similar to Germanys economic stats ...

Things are looking up there ... but people are worried what might happen when the 'trade in old cars' incentives are withdrawn ...

Hope things improve long-term and take the edge off unemployment growth ... which will presumably hit school and university leavers disproportionately :-(
14:05 September 11, 2009 by EtoileBrilliant
Can somebody tell me why Economists have asymmetric definitions. It takes 3 quarters of negative GDP to call a recession but only one quarter of growth to say that its over.
23:10 September 11, 2009 by conboy
The recession is no where near over western state intervention saved the capitalists from a depression the so called "free?" market is a discredited joke!
00:49 September 12, 2009 by lingonberrie
The current world-wide Depression feel-goodisms are going up and down according to the politicians who are looking at/for re-election, or the heads-of-state who are looking for favorable results and their popularity polls.

Numbers and jobs are manipulated, and in the States everything is manipulated except Wall Street and the money-changers who are again rolling in money, but millions who work for a living are running-out of unemployment benefits, and millions have given-up on looking for work.

How can any economy be improving when more people are out of work? They are also out of health care, possibly their homes, or they are putting-off retirement because their losses will not support their way of life, or, in some/most instances, any way of life without working to produce funds.

So what is all of this of late about things "getting better" and "rounding the corner" and the "end is in sight" when nothing of the sort is happening?
12:56 September 12, 2009 by Staffs
Wow, things are looking up mankind, more and more people are seeing through the Corporatist propaganda bullshit.

What a refreshing change to have some comments from realists whose eyes are open.
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