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Financial News: Sweden Q2 GDP Growth Improves; Retail Sales Fall

Sweden Q2 GDP Growth Improves; Retail Sales Fall Further

07/28/2022 - 04:03:00 (RTTNews)

(RTTNews) - Sweden's economic growth improved in the three months ended June, preliminary figures from Statistics Sweden showed on Thursday.

Another report from the statistical office showed that retail sales volume decreased for the second straight month in June.

Gross domestic product grew 4.2 percent year-on-year in the second quarter, faster than the 3.0 percent expansion in the first quarter.

On a quarterly basis, GDP expanded 1.4 percent in the June quarter, reversing a 0.8 percent contraction in the previous quarter. That was also above the 0.7 percent rise expected by economists.

The economy advanced a seasonally adjusted 0.6 percent in June compared with May and 4.5 percent over the same period last year.

The statistical office said retail sales volume fell in June as demand for durable goods decreased.

Retail sales volume dropped a seasonally adjusted 1.2 percent monthly in June, faster than the 0.7 percent fall in May.

Retail sales of durables fell 2.0 percent from May, while sales of consumables rose 1.4 percent.

On a yearly basis, retail sales slid 3.6 percent in June, following a 2.0 percent drop in the preceding month.

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