European stall finally hits Swedish economy
Published: 30 Jul, 2013 CET.
Updated: Tue 30 Jul 2013 11:20 CET
The private sector has taken a beating due to declining exports to key European markets, as Statistics Sweden posted a second quarter contraction of the Swedish economy by 0.1 percent - the first decline in the past year and a half.
Exports, which account for roughly half the Swedish economy, fell from the same period a year ago for the second quarter in a row, sliding 3.2 percent, the new figures revealed. Investment was down 2.7 percent from last year, led by a decline in the private sector.
Analysts polled by Dow Jones Newswires had expected gross domestic product to edge up 0.1 percent. Sweden had bucked the trend in the first quarter when it posted 0.6-percent growth, but was hit by the stalling economy in some of its key European export markets in the three months ending June.
A rise in inventories and household consumption supported the quarterly figure, adding 0.6 and 0.8 percentage points, respectively, to the result.
AFP/The Local/at
Comments
See Also
Exports, which account for roughly half the Swedish economy, fell from the same period a year ago for the second quarter in a row, sliding 3.2 percent, the new figures revealed. Investment was down 2.7 percent from last year, led by a decline in the private sector.
Analysts polled by Dow Jones Newswires had expected gross domestic product to edge up 0.1 percent. Sweden had bucked the trend in the first quarter when it posted 0.6-percent growth, but was hit by the stalling economy in some of its key European export markets in the three months ending June.
A rise in inventories and household consumption supported the quarterly figure, adding 0.6 and 0.8 percentage points, respectively, to the result.
AFP/The Local/at
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.