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European stall finally hits Swedish economy

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European stall finally hits Swedish economy
11:20 CEST+02:00
The private sector has taken a beating due to declining exports to key European markets, as Statistics Sweden posted a second quarter contraction of the Swedish economy by 0.1 percent - the first decline in the past year and a half.

Exports, which account for roughly half the Swedish economy, fell from the same period a year ago for the second quarter in a row, sliding 3.2 percent, the new figures revealed. Investment was down 2.7 percent from last year, led by a decline in the private sector.

Analysts polled by Dow Jones Newswires had expected gross domestic product to edge up 0.1 percent. Sweden had bucked the trend in the first quarter when it posted 0.6-percent growth, but was hit by the stalling economy in some of its key European export markets in the three months ending June.

A rise in inventories and household consumption supported the quarterly figure, adding 0.6 and 0.8 percentage points, respectively, to the result.

AFP/The Local/at

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