Swedish Q3 GDP Growth Confirmed At 1.1%

(RTTNews) - Sweden's economy expanded as initially estimated in the third quarter, the latest data from Statistics Sweden showed on Friday.

Gross domestic product advanced 1.1 percent sequentially in the third quarter, faster than the revised 0.8 percent rebound in the second quarter. That was in line with the flash data published on October 29.

The accelerated growth in the September quarter was driven by increases in exports, gross fixed capital formation, and household consumption.

The expenditure breakdown showed that net foreign demand was favorable as exports grew 1.8 percent amid a 0.8 percent gain in imports. Household consumption rose 0.8 percent, and general government consumption increased by 0.3 percent.

Gross fixed capital formation grew 1.9 percent on the back of rising investments in total machinery and equipment and weapon systems as well as in buildings and constructions. Meanwhile, change in inventories showed a negative contribution of 0.5 percent.

On an annual basis, GDP growth accelerated to 2.6 percent from 1.9 percent in the second quarter. The latest expansion was revised upward from 2.4 percent.