Sweden’s economic growth slowed to 0.4% in the third quarter of 2023 compared to the previous quarter, as reported by Statistics Sweden. This deceleration was attributed to a contraction in the economy during September, which followed a period of strong growth in August.
Economist Neda Shahbazi noted that the quarterly expansion was largely supported by August’s robust performance, highlighting that the economic momentum waned towards the end of the quarter. Despite the downturn in September, the overall economic activity for the quarter remained positive.
When compared to the same quarter last year, Sweden’s gross domestic product (GDP) showed a 2.8% increase. This indicates that the economy was still larger than it had been a year earlier, despite the recent decline observed on a monthly basis.
These figures suggest that while Sweden’s economy has continued to grow year-on-year, the rate of growth has slowed in recent months, raising concerns about the sustainability of the economic expansion heading into the final months of the year.