Swedish GDP Down 6.5%
The Swedish economy is shrinking fast. During this year's first three months the GDP was 6.5% lower than the same period last year, according to new data from Statistics Sweden.
That is the biggest drop during a single three month period since ther government agency started measuring in 1993. Yet, it is in line with what was expected by the financial experts, according to news agency TT. Compared to the last quarter of 2008, the drop is only 0.9%, which could be a sign that the speed of the downturn is slowing down.
Other data shows that the Swedes have listened to all the news reports of the economic crisis. Despite lower interest rates on their mortgages and a higher disposable income, the Swedes are holding their money tight. Saving has gone up significantly over this year's first three months.