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Financial News: Sweden Q1 GDP Contracts More Than Estimated

Sweden Q1 GDP Contracts More Than Estimated

05/30/2022 - 09:04:00 (RTTNews)

(RTTNews) - The Swedish economy contracted more than initially estimated in the first quarter, mainly due to the negative development in net exports, figures from Statistics Sweden showed on Monday.

Gross domestic product fell 0.8 percent sequentially in the first quarter compared to the previous quarter's 1.2 percent increase. According to the flash estimate, the rate of decline in the first quarter was only 0.4 percent.

"GDP growth continued to decelerate during the first quarter and decreased for the first time since the fourth quarter of 2020," Jessica Engdahl, head of section at the National Accounts Department, said. "The downturn was broad-based but is explained mainly by negative net exports."

Exports increased by 1.0 percent quarter over quarter and imports increased by 2.8 percent. As a result, net exports reduced GDP growth by 0.7 percentage point.

Among expenditure components, gross fixed capital formation dropped 1.3 percent from the previous quarter on lower investments in machinery and equipment.

Household consumption declined 0.4 percent and public consumption showed a decline of 0.3 percent. However, total domestic demand managed to increase by 0.2 percent.

On a yearly basis, GDP growth slowed to 3.0 percent in the March quarter from 5.9 percent in the December quarter.

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