Sweden’s economy contracted less than initially estimated in the second quarter, according to the latest data released by Statistics Sweden on Thursday.The country’s Gross Domestic Product (GDP) fell by 0.3 percent quarter-on-quarter in the second quarter, a reversal from the revised 0.8 percent increase in the first quarter. Initially, a decline of 0.8 percent had been reported in the preliminary figures.The primary driver of the downturn was changes in inventories, which negatively impacted GDP by 0.6 percentage points, as detailed by the agency.When breaking down other components of expenditure, household consumption decreased by 0.2 percent, while government consumption saw a mild rise of 0.1 percent. Gross fixed capital formation, which includes investments in machinery, equipment, and weapon systems, dropped by 1.7 percent.Conversely, net exports made a positive contribution to GDP, adding 0.9 percentage points due to a 1.0 percent increase in exports coupled with a 0.6 percent decrease in imports.Year-on-year, GDP grew by 0.5 percent in the second quarter, following a 0.9 percent increase in the previous quarter. The latest figure was revised up from an initial estimate of no change.In separate data, retail sales showed a recovery, increasing by 0.5 percent in July on a monthly basis, compared to a 0.8 percent decline in June. Sales of durable goods rose by 1.2 percent, while sales of consumables decreased by 0.5 percent. Annually, the decline in retail sales eased to 0.5 percent from 1.4 percent.The material has been provided by InstaForex Company – www.instaforex.com
- Roche’s Xofluza Reduces Influenza Transmission In Phase III Study - September 19, 2024
- UK Car Registrations Plummet in August, Marking a Sharp Year-over-Year Decline - September 19, 2024
- Germany’s Car Registrations Plummet by Nearly 28% Year-Over-Year in August 2024 - September 19, 2024
