Sweden's GDP Unexpectedly Shrinks for Third Consecutive Quarter [BNN Bloomberg (Canada)]
SWEDBANK AB S/ADR (SWDBY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
Seasonally adjusted gross domestic product shrank by 0.1% in the three months through December, compared with the third quarter, according to figures published by Statistics Sweden on Thursday. The median estimate of economists surveyed by Bloomberg was for 0.1% growth, in line with a flash estimate published last month. The drop marks the third consecutive quarter of contraction. “The Swedish economy developed on a weak note,” Swedbank AB's economist Pernilla Johansson said in a note to clients. “We expect growth to remain subdued in the first half of this year, before falling inflation, rising real incomes and lower interest rates contribute to a rapid recovery in the Swedish economy in 2025.” The largest Nordic economy has been one of the hardest hit in western Europe by rising borrowing costs, as many households have large debts with interest rates fixed on short terms. That has led to lower spending at the same time as home prices have slumped and housing construction has pl
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