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Financial News: Sweden's Economic Growth Eases In Q1

Sweden's Economic Growth Eases In Q1

05/29/2019 - 08:31:00 (RTTNews)

(RTTNews) - Sweden's economy grew at a slower pace in the first quarter, figures from Statistics Sweden showed Wednesday.

Gross domestic product grew 0.6 percent sequentially after expanding 1.2 percent in the fourth quarter of 2018. Nonetheless, the pace of growth exceeded the expected 0.1 percent.

On a yearly basis, the economy expanded 2.1 percent, faster than the forecast of 1.7 percent.

Data showed that household spending dropped 0.2 percent on quarter, while government expenditure grew 0.1 percent.

Gross fixed capital formation decreased 0.4 percent. Exports gained 0.8 percent, while imports dropped 0.7 percent.

With leading indicators pointing to a deterioration in the Swedish economy in the second quarter, growth is expected to slow sharply over the rest of the year, David Oxley, an economist at Capital Economics, said.

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