Financial News: Swedish Economy Unexpectedly Rebounds 0.2%

Swedish Economy Unexpectedly Rebounds 0.2%

04/27/2023 - 03:07:00 (RTTNews)

(RTTNews) - Sweden's economy expanded unexpectedly in the three months ended March after contracting in the previous quarter, preliminary figures from Statistics Sweden showed on Thursday.

Gross domestic product rose 0.2 percent sequentially in the March quarter, reversing a revised 0.5 percent fall in the December quarter. Economists had expected a 0.1 percent decrease.

On a yearly basis, the economy also rebounded 0.3 percent in the first quarter, after a 0.2 percent decline in the preceding three-month period. It was expected to rise by 0.2 percent.

Data also showed that GDP fell 0.7 percent year-over-year in March versus a 0.1 percent increase in February.

On a monthly basis, the economy shrank 0.2 percent from the previous quarter, when it contracted by 1.1 percent.

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