Sweden GDP Drops In Q2

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Friday, the Statistics Sweden said in a report that the gross domestic product or GDP dropped a working day adjusted 6.2% year-over-year in the second quarter, compared with a 6.5% fall in the previous quarter. Economists were looking for a decline of 6.7%.

On a sequential basis, the seasonally adjusted GDP remained unchanged in the second quarter, after falling 0.9% in first quarter. Economists had expected a decrease of 0.4%.

Among the major GDP components, household consumption expenditures declined 2.2% in the second quarter, while general government consumption expenditures dropped 0.5%. The changes in inventories contributed a negative 1.4 percentage points. Meanwhile, gross fixed capital formation decreased 19%. Exports and imports were down 18% and 19%, respectively.

Friday, the Statistics Sweden said in a report that the gross domestic product or GDP dropped a working day adjusted 6.2% year-over-year in the second quarter, compared with a 6.5% fall in the previous quarter. Economists were looking for a decline of 6.7%. (Market News Provided by RTTNews)