Swedish economy bounces back to growth
AFP/The Local · 11 Sep 2009, 11:50
Published: 11 Sep 2009 11:50 GMT+02:00
- Swedish prices deflate due to cheap vacations (10 Sep 09)
- Swedish GDP fall slows to 6.2 percent: report (31 Jul 09)
- Swedish economy growing again: report (29 Jul 09)
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.