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Sweden’s economy grows more than expected

STOCKHOLM (AFP) – The Swedish economy grew more than expected in the first quarter despite high inflation and rising interest rates, official statistics showed yesterday.

The top Nordic economy expanded by 0.6 per cent in the first three months of the year, avoiding a technical recession following a 0.2 per cent contraction in the fourth quarter of 2022.

“The upturn is mainly explained by an increase in inventories and by a strong growth in the export of goods,” Statistics Sweden said in a statement.

Analysts were on average expecting 0.1 per cent growth, according to Bloomberg.

A preliminary estimate published by Statistics Sweden at the end of April had put growth at 0.2 per cent.

Year-on-year, gross domestic product (GDP) grew by 0.8 per cent in the first quarter of 2022, compared to the 0.3 per cent preliminary figure.

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