2021.10.2812:07:00UTC+00Sweden GDP Growth Accelerates In Q3

Sweden's economic growth accelerated more than expected in the third quarter, data from Statistics Sweden revealed on Thursday.

Gross domestic product grew 1.8 percent sequentially in the third quarter, faster than the 0.9 percent expansion registered in the second quarter. This was also bigger than the economists' forecast of 1.3 percent.

On a yearly basis, GDP expanded 4.7 percent in the third quarter. In September, GDP was up 3.3 percent annually.

"After a weak August, GDP rebounded in September," Neda Shahbazi, statistician at Statistics Sweden said. Looking at the quarter as a whole, a strong July led to this upturn.

The stronger-than-expected growth in Swedish GDP in the third quarter shows that the recovery continued apace over the summer, lifting activity even further above its pre-pandemic level, Jessica Hinds, an economist at Capital Economics, said.

However, the economist said the open economy is likely to struggle for momentum while global supply chains remain disrupted.