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Sweden’s economic system shrinks within the third quarter to sign {that a} recession might have hit the nation

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Sweden’s economic system shrank within the third quarter of 2023 to mark the second time of contraction and sign {that a} recession might have hit the nation

ByThe Related Press

November 29, 2023, 4:36 AM

A lady makes her manner via a snowy avenue close to the federal government headquearters Rosenbad throughout a heavy snowfall in central Stockholm, Sweden, Tuesday, Nov. 28, 2023. (Henrik Montgomery/TT Information Company through AP)

The Related Press

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STOCKHOLM — Sweden’s economic system shrank within the third quarter of 2023 to mark the second time of contraction and sign {that a} recession might have hit the nation.

Knowledge launched Wednesday by Statistics Sweden confirmed that the nation’s gross home product declined by 0.3% within the interval ending in October.

“The GDP decreased for the second quarter in a row. The downturn within the economic system was broad, however was held again considerably by robust service exports,” stated Jessica Engdahl, part supervisor on the Nationwide Accounts with the statistical company.

The decline is principally defined by stock liquidation and decrease family consumption. Engdahl added that family consumption expenditure had decreased for the fifth consective quarter.

In comparison with the third quarter of 2022, GDP decreased by 1.4%.

Two consecutive quarters of contraction is a standard definition of recession, although economists on the eurozone enterprise cycle courting committee use a broader set of knowledge, together with employment figures.

Sweden is a member of the European Union, however does not use the euro foreign money.



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