Financial News: Swedish Economy Contracts Further

Swedish Economy Contracts Further

04/29/2024 - 03:34:00 (RTTNews)

(RTTNews) - Sweden's economy shrank for the fourth consecutive quarter in the three months ending March, preliminary data from Statistics Sweden showed on Monday.

Gross domestic product decreased 0.1 percent sequentially in the first quarter, the same as in the fourth quarter. That was in line with expectations.

Compared to last year, the rate of change in GDP was a decline of 0.2 percent versus a 1.1 percent drop in the December quarter.

On a monthly basis, the economy contracted at a stable rate of 0.3 percent in March. It was the second successive monthly fall.

Separate official data showed that retail sales dropped 0.4 percent month-on-month in March, reversing a 0.5 percent rise in February. Sales fell for the first time in four months.

Sales of consumables contracted 0.3 percent over the month, and those of durables slid by 0.4 percent.

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