Sweden Q2 GDP Rebounds More Than Estimated

Sweden's economy expanded more than initially estimated in the second quarter, the latest data from Statistics Sweden showed on Friday.

Gross domestic product advanced 0.5 percent sequentially in the second quarter, reversing a 0.2 percent decrease in the first quarter. In the flash estimate, the rate of growth was only 0.1 percent.

On the expenditure side, gross fixed capital formation rebounded strongly by 1.7 percent, which largely drove the overall expansion in the economy. The increase was mainly due to investments in machinery and equipment and weapon systems.

Household consumption was 0.4 percent higher, and general government consumption rose 0.2 percent.

The quarterly growth in exports was 0.7 percent, while imports rose at a faster pace of 3.1 percent. As a result, net exports contributed negatively to GDP growth by 1.3 percentage points.

On a yearly basis, GDP growth accelerated to 1.4 percent from 0.6 percent. In the flash estimate, the rate of growth for the June quarter was 0.9 percent.

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