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Sweden Growth Improves In Q3

Sweden Growth Improves In Q3

Sweden’s economy grew for a second straight quarter and at a faster pace, driven by exports, preliminary data from Statistics Sweden showed on Friday.

Gross domestic product grew a seasonally adjusted 0.3 percent from the previous three months. Economists had forecast 0.2 percent growth.

Second quarter growth was revised higher to 0.2 percent from 0.1 percent. The economy stagnated in the first quarter.

Exports rose 1.4 percent and imports grew 0.8 percent. Gross fixed capital formation grew 0.5 percent, mainly due to increased investments in transport equipment.

Household consumption grew 0.4 percent and state spending increased 0.2 percent. Changes in inventories deducted 0.4 percentage points from GDP growth.

On a year-on-year basis, GDP rose a calendar adjusted 1.6 percent in the third quarter after a 1 percent growth in the previous quarter. Economists had expected 1.5 percent expansion.

The material has been provided by InstaForex Company – www.instaforex.com