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Swedish Economy Grows at Half Estimated Pace as Boom Fades

Preliminary data from Statistics Sweden on Friday showed gross domestic product grew a quarterly 0.3% in the three months through June, well below last year’s average of 1.2%. Growth in the first quarter was revised down to 0.4% from 0.5%. The annual expansion rate in the second quarter was 3.1%. The main reason for the slowdown is exports, which have lost momentum. Exports were 0.3% lower in the second quarter compared with the first, shaving 0.1 percentage point off GDP growth. Sweden’s economy has benefited from unprecedented stimulus from the central bank, which has bought government bonds and cut interest rates below zero to revive inflation. (Bloomberg)

 

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