Børsens News Service in English
Swedish Growth Boosts Domestic Expectations
30-07-2010
15:31
Impressive economic growth for Denmark’s closest Nordic neighbor is leading to increased expectations that domestic economic figures could also exceed expectations.
According to the Swedish National Statistics Office, national gross domestic product grew by 1.2 percent in the second quarter of 2010. Most analysts had expected to see growth of around 1.1 per cent compared to Q1 2010. GDP was up 3.7 percent compared to the same period in 2009. While most observers had expected an increase of 3.4 percent compared to 2009, the Swedish national bank had predicted a 3.2 percent hike.
Rasmus Gudum-Sessingø, an economist at the Swedish bank Handelsbanken, pointed out that the growth was partially fuelled by strong exports. The nation’s trade surplus in June was the largest in a year.
"Swedish industry has been in rapid recovery after the crisis bottomed out in 2009” he said. “This was helped by a temporary weakening of the Swedish kroner,” he said. “The currency has, however, regained some strength compared to when the crisis was at its height, which bodes less well for exports prospective, "he writes.
At only 0.5 percent, Sweden’s 2009 budget deficit was the lowest in the EU.
According to the Swedish National Statistics Office, national gross domestic product grew by 1.2 percent in the second quarter of 2010. Most analysts had expected to see growth of around 1.1 per cent compared to Q1 2010. GDP was up 3.7 percent compared to the same period in 2009. While most observers had expected an increase of 3.4 percent compared to 2009, the Swedish national bank had predicted a 3.2 percent hike.
Rasmus Gudum-Sessingø, an economist at the Swedish bank Handelsbanken, pointed out that the growth was partially fuelled by strong exports. The nation’s trade surplus in June was the largest in a year.
"Swedish industry has been in rapid recovery after the crisis bottomed out in 2009” he said. “This was helped by a temporary weakening of the Swedish kroner,” he said. “The currency has, however, regained some strength compared to when the crisis was at its height, which bodes less well for exports prospective, "he writes.
At only 0.5 percent, Sweden’s 2009 budget deficit was the lowest in the EU.
*****||*****Swedish Growth Boosts Domestic Expectations*****||*****Impressive economic growth for Denmark’s closest Nordic neighbor is leading to increased expectations that domestic economic figures could also exceed expectations.*****||*****
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