Financial News: Swedish GDP Revised Higher In Q3

Swedish GDP Revised Higher In Q3

11/29/2024 - 04:34:00 (RTTNews)

(RTTNews) - Sweden's economy expanded in the third quarter, revised from a slight contraction estimated initially, the latest data from Statistics Sweden showed on Friday.

Gross domestic product rose 0.3 percent sequentially in the third quarter, following a downwardly revised flat change in the previous quarter. In the flash report, GDP showed a slight decline of 0.1 percent.

"The largest positive contribution came from changes in inventories, while foreign trade in goods had a restrictive effect on the economic development, " Jessica Engdahl, head of section at the National Accounts, said.

On the expenditure side, household consumption rose 0.4 percent, and government expenditure increased by 0.5 percent.

Data showed that gross fixed capital formation grew 0.3 percent, mainly driven by more investments in buildings and constructions. Exports rose by 0.6 percent, and imports increased by 1.7 percent.

Compared to last year, GDP also grew 0.7 percent in the third quarter, faster than the 0.4 percent in the rise in the second quarter. In the initial report, GDP showed a decline of 0.1 percent.

Separate official data showed that retail sales grew 0.4 percent monthly in October, after remaining flat in September. Retail sales in durables increased by 0.6 percent while retail sales in consumables were 0.2 percent higher.

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