Sweden's economy witnessed a downturn in the third quarter of 2024 as the Gross Domestic Product (GDP) dipped into negative territory, settling at -0.1%, according to the latest data updated on October 29, 2024. This marks a shift from the previous quarter's performance, where the GDP was recorded at a modest 0.5% during the April-June period of 2024.
The year-over-year analysis reveals a troubling trend, as the current quarter's 0.1% contraction reflects worsening economic conditions compared to the same period last year. Meanwhile, the second quarter's 0.5% growth had held steady year-over-year, signaling a significant economic slowdown in the recent months.
Economic analysts are expressing concerns over this decline, citing potential factors such as global market volatility, inflationary pressures, and challenges in key Swedish industries. The government and business leaders are urged to strategize and implement measures aimed at revitalizing growth and restoring economic stability to avert further downturns in the coming quarters.
