Sweden's economy shrinks in Q2, but less than feared

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Sweden's economy shrinks in Q2, but less than feared
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STOCKHOLM (Reuters) - The Swedish economy shrank in the second quarter, primarily due to slower exports and decreased trade inventories, though the ...

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSSTOCKHOLM - The Swedish economy shrank in the second quarter, primarily due to slower exports and decreased trade inventories, though the contraction was smaller than expected, data from the Statistics Office showed on Tuesday.

Year-on-year, GDP was down 1.0%, the agency said in a statement. Its preliminary reading had been for a 2.4% drop. "The second quarter of 2023 was generally weak with declines in several of the main components of GDP. Net exports decreased, as did investments in inventories," the agency said.The central bank has raised its policy rate to 3.75% from 0% last year. While inflation has started to slow and the economy is cooling, it is seen hiking again in September and possibly also in November fearing inflation will get stuck above target.

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