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

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