STOCKHOLM, Nov 29 (Reuters) – Sweden’s economy slumped into recession in the third quarter, contracting 0.3% from the previous one, the statistics office said on Wednesday, as higher interest rates hit consumer spending.
Compared to the corresponding quarter last year, GDP shrank 1.4%, more than a flash estimate that had indicated GDP would shrink 1.2%. The flash estimate had indicated stagnant growth compared to the previous quarter.
“GDP decreased for the second consecutive quarter,” the statistics office said in a statement.
“The downturn was general but counteracted in part by strong exports of services. Household consumption expenditure was negative for the fifth consecutive quarter,” it said.
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