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Swedish economy contracts by 0.1% in 3rd straight quarter, marking recession
Posted on October 30, 2024 |
Sweden’s GDP experienced a 0.1% decline in Q3, marking its third straight quarter of negative growth and leading the nation into a technical recession.
This decrease in Q3 followed a 0.3% drop in Q2, contradicting previous forecasts of a 0.4% increase for the quarter.
In September, GDP dropped by 0.4% month-on-month, following a 1.1% rise in August, indicating persistent economic challenges.
The negative growth in Q3 stemmed from a weak performance in both July and September.
The ongoing declines over consecutive quarters have solidified Sweden’s position in a technical recession, as GDP has not recovered in recent months.