Sweden: Economic growth rebounds amid stronger exports
May 30, 2012
In the first quarter, GDP expanded 0.8% in seasonally and working-day adjusted terms over the previous quarter, which contrasted the 1.0% contraction seen in the last quarter of 2011. The figure overshot market expectations that had GDP rising 0.2%. The acceleration in economic growth was mainly due to a higher contribution to growth from the external sector, as exports rebounded from a 3.8% contraction in the fourth quarter to a 1.1% expansion in the first. Imports, on the other hand, declined 0.4%, mirroring the result observed in the fourth quarter. On the domestic side, private consumption stepped up to a 1.1% expansion, more than doubling the 0.5% rise seen in the fourth quarter. Government spending remained flat (Q4 2011: +0.1% quarter-on-quarter) and, finally, gross fixed capital formation grew 3.4%, up from the 1.5% rise seen in the fourth quarter.