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Financial News: Swedish Economy Recovers, Industrial Output Expands

Swedish Economy Recovers, Industrial Output Expands

03/08/2024 - 04:58:00 (RTTNews)

(RTTNews) - Sweden's economy grew for the first time in three months in January amid favourable net exports and increased government consumption expenditure, data from Statistics Sweden showed on Friday.

Separate official data showed that industrial production expanded in January after falling in the previous three months.

Gross domestic product advanced 0.9 percent month-on-month in January, reversing a 0.3 percent stable decline in the prior month.

"The Swedish economy showed increased activity in the first month of 2024, with one contribution coming from an increase in consumption expenditure, where a downturn among households was cancelled out by stronger figures for the general government," Mattias Kain Wyatt, economist at Statistics Sweden, said.

"Another contribution to GDP-growth came from stronger net exports concerning goods, in turn explained by falling imports."

On a yearly basis, GDP decreased 0.6 percent in January, following a 0.4 percent fall in the previous month.

Data showed that household consumption decreased by 0.7 percent monthly and annually in January.

Another report showed that industrial production rose 1.2 percent annually in January, in contrast to a 0.1 percent fall a month ago.

Output produced in the utility sector expanded 6.4 percent from last year, while service production slid by 1.3 percent.

Construction output fell 5.8 percent annually in January, though slower than the 7.7 percent plunge a month ago.

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