Archive for the ‘Economy and Business’ category

Sweden’s Economy Red Hot! GDP up by 5.5% year-on-year

August 8, 2006

Sweden’s economy saw its highest growth in six years during the second quarter, with the gross domestic product up 5.5 percent compared to the same time last year, the national statistics agency said Monday.Statistics Sweden said the expansion was driven mainly by strong household consumption, while exports and imports also increased by more than 7 percent and 6 percent, respectively.

Seasonally adjusted, the economy grew by 1.4 percent compared to the first quarter, the agency said.

The increase is among the highest in western Europe, and the hot economy could be a boost for the governing Social Democrats ahead of next month’s national elections.

“This confirms that the Swedish economy is very strong, and it is especially pleasing that it is the whole economy that is growing,” Finance Minister Par Nuder told Swedish news agency TT.

The government has previously estimated that the country’s economy will grow 3.6 percent for the full year.