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Swedish Economic Growth Remains Sluggish In Q2

Swedish economic growth remained sluggish in the second quarter, according to revised data from Statistics Sweden, released Friday.

Gross domestic product grew 0.1 percent sequentially in the second quarter, instead of 0.1 percent contraction estimated previously. The expansion was largely driven by household spending.

Nonetheless, the pace of growth for the first quarter was lowered to 0.1 percent from 0.5 percent.

On a yearly basis, GDP growth was revised down to 1 percent from 1.4 percent. The rate was also slower than the 1.7 percent expansion posted in the first quarter.

The expenditure-side breakdown of GDP showed that household spending grew 1.1 percent sequentially, while government spending dropped 0.1 percent.

Due to weak investment in housing, gross fixed capital formation fell 0.1 percent. Exports remained broadly unchanged, while imports grew 0.3 percent.

As a result, net exports reduced GDP growth by 0.1 percentage points. Meanwhile, changes in inventories contributed to GDP growth by 0.1 percentage points.

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