At the end of January this year, Sweden’s gross domestic product (GDP) suddenly increased by 2% compared to December 2022. Thus, Northern Europe’s largest economy invalidated the recession forecasts of foreign analysts. informs The Bloomberg agency cites data from the Scandinavian country’s Statistics Office.
January GDP growth was the fastest in the last four months. For comparison, the article states that in the fourth quarter of 2022, the Swedish economy shrank by 0.5% (according to an updated estimate by the Swedish statistical office) compared to data for the previous three months.
“The Swedish economy unexpectedly rebounded in January, supported by increased exports and household spending, and this is in contrast to previous reports that Scandinavia’s largest economy may be in recession. Gross domestic product data increased by 2% compared to the previous month, showing the fastest increase in four months.
But according to Danske Bank Chief Economist Michael Grana, the increase in Sweden’s GDP in January 2023 was the result of the increase in business activity in the country. At the same time, ordinary citizens still “suffer” from many negative factors, including rising consumer prices and worsening credit conditions.
According to data from Bloomberg, Statistics Sweden Feb. 28 reportedAfter Finland, the Scandinavian country is on the verge of a recession. According to preliminary data, GDP fell 0.9% in the fourth quarter. However, in early March, the agency provided updated statistics, according to which by the end of 2022 this figure had decreased by only 0.5%.