Sweden’s economy logged a robust growth in March, data from Statistics Sweden showed on Thursday.
Gross domestic product grew 2.1 percent on month in March, much faster than the 0.2 percent rise seen in February. This was the fastest growth since July 2020, when it was up 3.5 percent.
On a yearly basis, GDP grew 3.5 percent in March, in contrast to February’s 1.1 percent fall.
For the first quarter as a whole, GDP grew by 1.1 percent sequentially, well above the economists’ forecast of 0.5 percent.
GDP was almost unchanged from the same period last year. Economists had forecast an annual fall of 1.3 percent for the first three months of the year.
“One year after the outbreak of the pandemic in Sweden, GDP is now almost back at the same level as before the downturn last spring,” Melker Loberg, an economist at Statistics Sweden said.
Data confirms that the Swedish economy came roaring out of the blocks at the start of the year, David Oxley, an economist at Capital Economics, said.
The resilience of the economy does not change the assessment that interest rate hikes are years away, the economist noted. However, there is a rising chance that the Riksbank will allow its balance sheet to contract from 2023.
Another report from the statistical office showed that lending to non-financial corporations grew at the slowest pace since 2014. Lending to non-financial corporations was up only 0.5 percent, partly due to the sharp increase at the beginning of the pandemic a year ago.
Meanwhile, the growth rate for lending to households was 5.7 percent. Mortgages, which accounted for 82 percent of total lending to households, had an annual growth rate of 5.9 percent, data revealed.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.