Sweden’s GDP contracts 0.1% in first quarter

Sweden’s economy has contracted 0.1% quarter-on-quarter in Q1 of 2024, preliminary data by Statistics Sweden showed on Monday.

The actual figure came in line with market expectations.

“Swedish economic activity continued to weaken in the first quarter of 2024 with contractions in February and March. This is the fourth consecutive quarter with negative growth,” Mattias Kain Wyatt, economist at Statistics Sweden, commented on the latest figures.

In annual terms, Sweden’s economy shrank 1.1% in the three months to March, or at a much faster pace than a consensus of analyst estimates (-0.2% YoY).

Meanwhile, retail sales in the country were reported to have decreased 0.4% in March over February, following a 0.5% growth in the preceding month.

Household consumption accounts for about 46% of the nation’s total GDP.

The Swedish Krona was 0.20% weaker on the day against the Euro, with the EUR/SEK currency pair last trading at 11.6934.

The exotic Forex pair was holding in proximity to a 25-week high of 11.7298, which it registered on April 25th.