Preliminary data released by Statistics Sweden indicates that the nation's economy grew less than forecasted in the fourth quarter, following a contraction in the previous two quarters. The Gross Domestic Product (GDP) saw a slight increase of 0.1 percent in the final quarter, a reversal from the 0.3 percent decline seen in the third quarter. However, this recovery fell short of the anticipated 0.3 percent.
In comparison to the previous year, the GDP remained stagnant, as opposed to the 1.4 percent decrease during the previous three-month period. On a monthly basis, the economy diminished by 0.3 percent in December, following a 0.2 percent decline the previous month. The GDP also saw a consistent annual decrease of 0.1 percent.
Throughout the year 2023, annual GDP growth was recorded as negative 0.3 percent, compared to 2022. Mattias Kain Wyatt, an economist with Statistics Sweden, noted, "The last three months of 2023 were characterized by relatively minor movements in overall economic activity, with weaker domestic use figures counterbalanced by a strengthened net export."
Further data from the statistical office revealed that retail sales decreased 2.2 percent annually and 0.2 percent monthly in December. While sales of durable goods declined 1.8 percent month-over-month, consumable sales saw a 1.1 percent increase.
