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Sweden Q2 GDP Growth Fastest Since 2010

Sweden’s economic growth rate more-than-doubled in the second quarter to its best rate since late 2010 and exceeded economists’ expectations, figures from Statistics Sweden showed Friday.

Gross domestic product grew a seasonally adjusted 1.7 percent from the first quarter, when the economy expanded 0.4 percent. Economists had forecast 0.9 percent growth.

The quarterly growth rate was the strongest since the fourth quarter of 2010, when the economy expanded 1.8 percent.

Growth was led by a 1.1 percent increase in household consumption and 3.8 percent jump in gross fixed capital formation. Exports and imports grew by 0.7 percent each. Changes in inventories added 0.3 percentage points to the GDP.

On a year-on-year basis, GDP grew a working-day adjusted 4 percent in the second quarter after 2.3 percent expansion in the first three months of the year. Economists had expected 2.7 percent growth.

The annual growth rate was the fastest since the fourth quarter of 2015, when the economy grew 4.7 percent.

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