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Financial News: Swedish Economy Expands 0.1% In Q4, Less Than

Swedish Economy Expands 0.1% In Q4, Less Than Forecast

01/29/2024 - 03:48:00 (RTTNews)

(RTTNews) - Sweden's economy expanded less than expected in the fourth quarter after contracting in the previous two quarters, preliminary data from Statistics Sweden showed on Monday.

Gross domestic product advanced 0.1 percent sequentially in the fourth quarter, reversing a 0.3 percent fall in the third quarter. The expected recovery was 0.3 percent.

Compared to last year, the rate of change in GDP was flat versus a 1.4 percent decline in the previous three-month period.

On a monthly basis, the economy contracted 0.3 percent in December after falling 0.2 percent a month ago. Yearly, GDP dropped at a stable rate of 0.1 percent.

During the whole year 2023, overall GDP growth was negative at 0.3 percent compared to 2022.

"The last three months of 2023 saw relatively minor movements in overall economic activity, with weaker figures for domestic use weighed up by a strengthening of net exports," Mattias Kain Wyatt, economist at Statistics Sweden, said.

Another report from the statistical office showed that retail sales fell 2.2 percent yearly and by 0.2 percent monthly in December.

Retail sales of durables declined 1.8 percent over the month, while those of consumables grew by 1.1 percent.

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