Current:Home > MySweden’s economy shrinks in the third quarter to signal that a recession may have hit the country-LoTradeCoin
Sweden’s economy shrinks in the third quarter to signal that a recession may have hit the country
View Date:2024-12-24 09:31:23
STOCKHOLM (AP) — Sweden’s economy shrank in the third quarter of 2023 to mark the second time of contraction and signal that a recession may have hit the country.
Data released Wednesday by Statistics Sweden showed that the country’s gross domestic product declined by 0.3% in the period ending in October.
“The GDP decreased for the second quarter in a row. The downturn in the economy was broad, but was held back somewhat by strong service exports,” said Jessica Engdahl, section manager at the National Accounts with the statistical agency.
The decline is mainly explained by inventory liquidation and lower household consumption. Engdahl added that household consumption expenditure had decreased for the fifth consective quarter.
Compared to the third quarter of 2022, GDP decreased by 1.4%.
Two consecutive quarters of contraction is a common definition of recession, though economists on the eurozone business cycle dating committee use a broader set of data, including employment figures.
Sweden is a member of the European Union, but doesn’t use the euro currency.
veryGood! (5)
Related
- Golden Bachelorette: Joan Vassos Gets Engaged During Season Finale
- UK government say the lslamist group Hizb ut-Tahrir is antisemitic and moves to ban it
- Could Callum Turner Be the One for Dua Lipa? Here's Why They're Sparking Romance Rumors
- Michigan QB J.J. McCarthy announces he'll enter NFL draft
- Over 1.4 million Honda, Acura vehicles subject of US probe over potential engine failure
- Minus 60! Polar plunge drives deep freeze, high winds from Dakotas to Florida. Live updates
- North Korean foreign minister visits Moscow for talks as concern grows over an alleged arms deal
- This photo shows the moment Maine’s record high tide washed away more than 100-year-old fishing shacks
- UFC 309: Jon Jones vs. Stipe Miocic fight card, odds, how to watch, date
- Does acupuncture hurt? What to expect at your first appointment.
Ranking
- 'I was in total shock': Woman wins $1 million after forgetting lotto ticket in her purse
- Class Is Chaotically Back in Session During Abbott Elementary Season 3 Sneak Peek
- 2024 starts with off-the-charts heat in the oceans. Here's what could happen next.
- Could Callum Turner Be the One for Dua Lipa? Here's Why They're Sparking Romance Rumors
- CFP bracket prediction: SEC adds a fifth team to field while a Big Ten unbeaten falls out
- North Korea says it tested solid-fuel missile tipped with hypersonic weapon
- Tunisia commemorates anniversary of the 2011 revolution. Opposition decries democratic backsliding
- Former presidential candidate Doug Burgum endorses Trump on eve of Iowa caucuses
Recommendation
-
Bluesky has added 1 million users since the US election as people seek alternatives to X
-
Emergency crews searching for airplane that went down in bay south of San Francisco
-
Indonesia evacuates about 6,500 people on the island of Flores after a volcano spews clouds of ash
-
4 dead, 1 critically hurt in Arizona hot air balloon crash
-
Tony Hinchcliffe refuses to apologize after calling Puerto Rico 'garbage' at Trump rally
-
How to watch the Emmys on Monday night
-
MILAN FASHION PHOTOS: Armani casts an arresting gaze on Milan runway menswear collection
-
Haley fares best against Biden as Republican contenders hold national leads