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Swedish economic recovery stronger in Q3, data shows

11/27/2020 | 04:25am EST

* Q3 growth revised higher

* GDP grew 4.9% qtr/qtr, fell 2.5% yr/yr

* Pvs reading +4.3%, -3.5%

* Fresh wave of COVID infections seen hitting Q4

STOCKHOLM, Nov 27 (Reuters) - Sweden's economy recovered faster than previously reported in the third quarter, as manufacturing led the bounce back from a record dip due to the coronavirus pandemic and measures to halt its spread, data from the Statistics Office showed on Friday.

Gross domestic product was upwardly revised to growth of 4.9% in the third quarter from the previous three month period and revised up to 2.5% contraction from a year earlier.

A preliminary reading had shown the economy grew 4.3 percent in the quarter and contracted 3.5 percent on an annual basis.

Growth was driven by household consumption and export of manufactured goods, the statistics office said.

Sweden's economy has fared better than many in Europe with the country opting against the kind of strict lockdown adopted across much of Europe in the spring.

Neverthless, the dip in GDP in the April-June period was a record, even though those figures were also revised on Friday to show a milder contraction.

With a second wave of infections sweeping across Europe there are concerns that the recovery could stall.

On Thursday, the central bank forecast the economy would shrink 4.0% this year, a worse outcome than the 3.6% it had expected in September.

It also cut its forecast for growth next year.

"Going forward, we forecast a slight drop in growth for Q4," Swedbank said in a note. "The recovery will be bumpy and there is a great deal of uncertainty."

(Reporting by Simon Johnson; editing by Philippa Fletcher)

© Reuters 2020
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