Swedish economy beats growth expectations
Published: 29 May 13 11:45 CET | Print version
Online: http://www.thelocal.se/48210/20130529/
Sweden's economy grew by 0.6 percent in the first quarter from the previous three-month period, Statistics Sweden (Statistiska centralbyrån - SCB) said on Wednesday as it released fresh data that beat expectations.
- Warning over 'long-term' Swedish export slump (21 May 13)
- Swedish euro scepticism hits all time high (6 May 13)
- Riksbank holds interest rate at one percent (17 Apr 13)
The growth, the strongest recorded in Sweden since the second quarter last year, is significantly higher than analysts' forecasts.
They had predicted the economy would see weak growth, be flat or even contract, with a survey by Dow Jones Newswires forecasting an average increase of 0.3 percent.
Sweden's first quarter economic health contrasts sharply with that of countries in the eurozone, of which it is not a member.
Many eurozone countries have registered weak quarterly data, such as Germany which reported 0.1 percent growth, or were in recession, such as France which saw its economy shrink by 0.2 percent.
Sweden's "upside surprise is mainly due to stronger inventories" while "domestic demand (was) mixed," SEB bank analyst Erica Blomgren commented on Twitter.
She said "private and public consumption (were) stronger than expected but investments (were) very weak."
AFP/The Local/at
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