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Financial News: Sweden GDP Grows More Than Estimated In Q3

Sweden GDP Grows More Than Estimated In Q3

11/27/2020 - 05:24:00 (RTTNews)

(RTTNews) - Sweden's economy grew more than previously estimated in the third quarter, revised data from Statistics Sweden revealed Friday.

Gross domestic product grew 4.9 percent sequentially instead of 4.3 percent estimated on November 5. The decline reversed an 8 percent fall posted in the second quarter.

Year-on-year, GDP was down 2.5 percent versus the previous estimate of -3.5 percent and a 7.5 percent decline in the second quarter.

The third quarter growth was driven by exports and household spending following the historic decline in the second quarter.

Household spending advanced 6.3 percent and public consumption gained 2 percent. Gross fixed capital formation grew 2.4 percent sequentially.

Imports climbed 9.2 percent and exports increased 11.2 percent on quarter.

The central bank had expanded its quantitative easing measures on Thursday as new restrictions to contain the spread of Covid-19 infections lead to a new downturn in the economy. The bank forecast the economy to shrink 4 percent this year and to expand 2.6 percent in 2021.

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