Swedish growth skyrockets

Sweden's gross domestic product (GDP) grew by 6.9 percent in the third quarter compared with same period last year. Analysts had on average predicted growth of 5.3 percent, according to Reuters poll.

It's record growth, "said Olle Holmgren, analyst at SEB.
He finds a quarterly figure of 6.7 percent during a quarter in 1984, but it is not calendar-and therefore somewhat difficult to compare with, according to Holmgren.

"It shows that the Swedish economy is very quickly going to take back the case we had in 2009," he says.

Holmes notes that stocks helps a lot, just as they did in the steep decline in 2009th

-Exports and investment are also at a fairly low level, one must remember, "he says.

Significant drop in last year
-The high GDP figure of course depends on the sharp decline we had last year, says Peter Buvén at SCB.

Third quarter 2009 GDP fell by 6.4 percent. But today's quarterly figure is the highest since Statistics Sweden began quarterly measurements 1970th

-Former highest levels were measured the second quarter 1974 and second quarter of 2000. They both times GDP rose by 5.8 percent.

Previously, GDP data, from 1950-1969, are produced annually.

"But it is highly likely that today's figure is the highest since 1950, says Buvén.

"Really good figure"
"This was a really good figure. Swedish economy is really strong, given how it looks in the outside world, "said Annika Winsth, chief economist at Nordea, the GDP statistics.

It's also good signals in the figure - that is, households and in particular investment is strong and contributes. It is a positive forward as well, "she continues.

Nordea had projected a GDP growth of 6.2 percent in the third quarter.

And we were up to, what I know, "said Annika Winsth.

She expects the Riksbank's forecast for the repo-rate, interest rate path, is now settled and that the bank raises interest rates in December, February and April.

-It supports this picture that the Riksbank should proceed (with raises), said Winsth, which also suggests that inflation expectations have risen.