Sweden's GDP rises 6.9% in Q3

20:14, November 29, 2010      

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Sweden's gross domestic product (GDP) rose 6.9 percent in the third quarter year-on-year, thanks to a big increase of investment and house consumption, Statistics Sweden (SCB) said Monday.

Seasonally adjusted GDP increased 2.1 percent compared with the second quarter of 2010, SCB said in a statement.

The changes in inventories such as housing and machineries amounted to a positive GDP change of 2.9 percentage points and the 11.2 percent increase of gross fixed capital formation also contributed 2 percentage points to GDP growth, the statement said.

Another main factor for the increase of the GDP is household consumption expenditures which gained 3.5 percent and amounted to a positive GDP change of 1.8 percentage points.

"The high GDP figure of course depends on the sharp decline we had last year," Peter Buven, an analyst from SCB, was quoted by the Swedish news agency TT as saying.

The Swedish economy suffered the biggest fall in 2009 since World War II and its GDP dropped by 5.1 percent.

Source: Xinhua


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