Financial News: Swedish GDP Expands 0.7% In Q1

Swedish GDP Expands 0.7% In Q1

05/30/2024 - 04:00:00 (RTTNews)

(RTTNews) - Sweden's economy expanded at the fastest pace in nearly two years in the first quarter, revised from a slight contraction estimated initially, the latest data from Statistics Sweden showed on Thursday.

Gross domestic product advanced 0.7 percent sequentially in the first quarter, after remaining flat in the final quarter of 2023. In the initial estimate, the rate of change was a decline of 0.1 percent.

"Several of the components of GDP increased modestly, but the largest contribution to the growth came from changes in inventories," Jessica Engdahl, head of section at the National Accounts, said.

On the expenditure side, household consumption dropped 0.3 percent, while general government consumption rose by 0.2 percent.

Changes in inventories made a positive contribution of 0.5 percent, mainly due to changes in trade inventories. Gross fixed capital formation grew by 0.6 percent. Exports gained 0.2 percent, while imports were broadly unchanged.

Compared to last year, the rate of change in GDP was also an increase of 0.7 percent versus a 0.1 percent drop in the December quarter. In the flash report, GDP showed a decrease of 0.1 percent.

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