FX.co ★ Swedish GDP Revised Higher In Q3

Sweden's economy demonstrated growth in the third quarter, contrary to the previously estimated mild contraction, as revealed by the recent data from Statistics Sweden released on Friday.

The gross domestic product (GDP) saw a 0.3 percent increase in sequential terms during the third quarter. This comes after a flat performance in the previous quarter was revised downward. The initial flash report had indicated a minor decline of 0.1 percent in GDP.

Jessica Engdahl, head of the section at National Accounts, commented, "The most significant positive impact came from changes in inventories, whereas foreign trade in goods had a limiting effect on economic progress."

Analyzing expenditure, household consumption rose by 0.4 percent, and government spending went up by 0.5 percent.

The data further highlighted that gross fixed capital formation climbed by 0.3 percent, primarily fueled by increased investments in buildings and construction. Exports saw a rise of 0.6 percent, while imports grew by 1.7 percent.

Year-over-year, GDP also increased by 0.7 percent in the third quarter, surpassing the 0.4 percent growth recorded in the second quarter. The initial report had shown a 0.1 percent decline.

In a separate release, official figures indicated that retail sales increased by 0.4 percent in October, following a stagnant performance in September. Retail sales of durable goods grew by 0.6 percent, while those of consumables rose by 0.2 percent.