Sweden's GDP shrinks 1 pct in Q2: statistics

STORY: Sweden's GDP shrinks 1 pct in Q2: statistics DATELINE: Aug. 30, 2023 LENGTH: 00:01:59 LOCATION: Stockholm CATEGORY: ECONOMY SHOTLIST: 1. various of Sweden Statics 2. various of Stockholm city 3. various of shopping mall in Stockholm 4. various of Sweden Parliament 5. various of Stockholm City Hall 6. various of Sweden's central bank STORYLINE: Sweden's gross domestic product (GDP) shrunk by 1 percent year-on-year in the second quarter (Q2) of this year while household consumption decreased for the fourth consecutive quarter, according to statistics released on Tuesday. Compared to the first quarter (Q1) and seasonally adjusted, GDP dropped 0.8 percent, Statistics Sweden (SCB) said. The figures are slightly more positive than the preliminary ones released in July. Sweden's Q2 GDP contracted by 2.4 percent year-on-year and by 1.5 percent quarter-on-quarter, the SCB's preliminary figures said on July 28. "The second quarter of 2023 was generally weak with declines in several of the main com

Sweden's economy forecast to shrink 0.9 pct in 2023

STORY: Sweden's economy forecast to shrink 0.9 pct in 2023 DATELINE: Aug. 10, 2023 LENGTH: 00:01:50 LOCATION: Stockholm CATEGORY: ECONOMY SHOTLIST: 1. press release (courtesy of the National Institute of Economic Research) 2. various of street views in Stockholm 3. various of Sweden's central bank 4. various of Sweden Statics STORYLINE: Sweden's gross domestic product (GDP) is forecast to shrink 0.9 percent this year, the National Institute of Economic Research (NIER) said on Wednesday. In its previous report released in late June, the government agency expected the country's GDP to contract by 0.4 percent. For 2024, the GDP is expected to grow by 1.2 percent, 0.2 percentage points slower than in the June prognosis. Inflation is expected to reach 8.7 percent this year and 2.7 percent in 2024, both figures unchanged from the previous prognosis. The key interest rate of Sweden's central bank (Riksbank) is forecast to reach 4 percent by the end of the year, 0.3 percentage points above what NIER predicted