Swedish GDP Growth Hits 6-Quarter Low
The Swedish economy advanced a seasonally adjusted 0.5 percent on the quarter in the three months to March of 2016, following an upwardly revised 1.6 percent expansion in the previous period and missing market expectations of 0.7 percent growth. It was the lowest reading since the third quarter of 2014, as public spending and investment grew at a slower pace while net exports dragged expansion down.
General government consumption expenditures rose by 0.5 percent (from +0.9 percent in Q4) and gross fixed capital formation increased by 2.1 percent (from +3.1 percent in Q4), while household consumption expenditures rose at a faster 1.1 percent (from +1 percent in Q4). Exports decreased for the first time since the fourth quarter of 2013 by 1.3 percent while imports increased by 0.8 percent. Meanwhile, changes in inventories increased the GDP growth by 0.3 percentage points.
Production of goods rose by 0.3 percent (from +1.9 percent in Q4) and service-producing industries rose by 0.7 percent (from +1.4 percent in Q4).
Employment measured as the total number of hours worked increased by 1 percent and the number of persons employed increased by 0.5 percent.
Compared to the first quarter of 2015, the GDP advanced 4.2 percent, slowing from an upwardly revised 4.9 percent expansion in the the previous three-month period.
5/30/2016 8:57:13 AM