Sweden's economy expands by 1 pct in 2024, driven by strong exports

HELSINKI, Feb. 28 (Xinhua) -- Sweden's gross domestic product (GDP) grew by 1 percent in 2024 compared with the previous year, supported by strong net exports and increased investment, Statistics Sweden reported on Friday.

In the fourth quarter of 2024, the Swedish economy expanded by 0.8 percent from the previous quarter in seasonally adjusted terms and by 2.4 percent year-on-year in calendar-adjusted terms, the statistical agency said in a press release.

An increase is noticeable in several components of GDP with the main contribution coming from strong net exports of goods, Jessica Engdahl, head of section at the National Accounts, said, noting that the upturn is particularly evident in the manufacturing sector on the production side.

Exports rose 0.7 percent in the fourth quarter, while imports declined 0.5 percent, contributing positively to GDP. Gross fixed capital formation, particularly in buildings and construction, also supported growth.

Meanwhile, the total number of employed persons fell 0.2 percent in the quarter, according to the data.

The Swedish economy is showing signs of recovery after a period of sluggish growth, said Carl Johan von Seth, an economics commentator at the Swedish newspaper Dagens Nyheter.