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Swedish Q3 GDP growth better than expected, preliminary data shows -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Woman walks through Stockholm’s Sodermalm neighborhood, October 22, 2020. Amir Nabizadeh/TT News Agency via REUTERS

STOCKHOLM / Reuters – Sweden’s third quarter saw a faster growth rate than expected due to a vaccine rollout being accelerated, and COVID-19 curbs being lifted. A preliminary estimate was released by Statistics Office Thursday.

The third quarter GDP grew by 1.8% over the three months prior, exceeding a forecast of 1.3% from Reuters. Comparatively to last year’s third quarter, the economy experienced 4.7% growth.

With activity returning to levels pre-COVID-19 in the second quarter, the Swedish economy has rebounded faster than other European economies from the pandemic.

Sweden lifted all recommendations and restrictions at the end September, having never been locked down during the pandemic.

According to the National Institute of Economic Research, figures from Thursday showed that consumer confidence dropped to 103.1 in Stockholm in October from 106.6. However, the National Institute of Economic Research reported on Thursday that manufacturing confidence increased to 128.5 (a historic high) from 126.1.

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