Swedish Economy Shrinks 0.8% In Q2

(RTTNews) - Sweden's economy contracted in the second quarter after expanding in the previous quarter, preliminary data from Statistics Sweden showed on Monday.

Gross domestic product decreased 0.8 percent sequentially in the second quarter, in contrast to the 0.7 percent rise in the first quarter.

Compared to last year, GDP remained flat in the second quarter after recovering 0.2 percent in the preceding three-month period.

On a monthly basis, the economy expanded 0.9 percent in June, reversing a 0.1 percent fall in May. GDP also rebounded 1.9 percent annually, versus a 1.2 percent fall in the prior month.

Separate official data showed that retail sales decreased at a stable rate of 0.3 percent monthly in June. It was the second successive fall in a row.

Sales of durables contracted 0.7 percent over the month, while those of consumables rose by 0.3 percent.