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Sweden GDP Expands More Than Estimated In Q3

Sweden's economy expanded more than initially estimated in the third quarter, revised data from Statistics Sweden showed on Monday.

Gross domestic product grew 2.0 percent sequentially in the third quarter, instead of the initial estimate of 1.8 percent. The economy had expanded 0.9 percent in the second quarter.

The sequential growth was mainly driven by the 2.4 percent increase in household consumption. The main contribution came from increased expenditure on hotel and restaurant services.

Public consumption was up 0.2 percent. At the same time, gross fixed capital formation advanced 2.6 percent underpinned by investments in dwellings.

Exports and imports gained 0.5 percent and 2.4 percent, respectively. Overall, net exports reduced GDP growth by 0.8 percentage point.

The changes in inventories contributed to GDP growth by 1.0 percentage point in the third quarter.

On a yearly basis, GDP expanded 4.7 percent, as initially estimated in the third quarter.

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