Swedish economy shrinks 0.8% on quarterly basis as monthly retail sales down in June

By Emir Yildirim

ISTANBUL (AA) - Sweden’s gross domestic product (GDP) contracted 0.8% in the second quarter of the year compared to the quarter before, according to the country’s statistical authority on Monday.

On a monthly basis, Sweden’s GDP climbed 0.9% in June, in line with the preliminary estimates, the data showed.

Although the June GDP was 1.9% higher year-on-year, this quarter’s GDP remained in line with the same quarter last year.

Meanwhile, the country’s monthly retail sales volume dropped 0.3% in June.

The data revealed that retail sales in durables fell 0.7%, while retail sales in consumables climbed 0.3% in the same period.

On an annual basis, the growth rate of retail sales was minus 0.1% in June.

In fixed prices and non-working-day adjusted figures, Sweden’s total retail trade volume reduced 3.1% year-on-year.

Meanwhile, turnover in retail trade measured in current price fell 1.6% in June on an annual basis, as retail sales of durables decreased 3.5% while consumables increased 1.8%.