STOCKHOLM: Sweden’s economy recovered faster than previously reported in the third quarter, as manufacturing led the bounce back from a record dip due to the coronavirus pandemic and measures to halt its spread, data from the Statistics Office showed on Friday.
Gross domestic product was upwardly revised to growth of 4.9 per cent in the third quarter from the previous three month period and revised up to 2.5 per cent contraction from a year earlier. A preliminary reading had shown the economy grew 4.3 per cent in the quarter and contracted 3.5 per cent on an annual basis.
Growth was driven by household consumption and export of manufactured goods, the statistics office said. Sweden’s economy has fared better than many in Europe with the country opting against the kind of strict lockdown adopted across much of Europe in the spring.
Nevertheless, the dip in GDP in the April-June period was a record, even though those figures were also revised on Friday to show a milder contraction. — AFP
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