Sweden’s GDP increase record high for third quarter of 2010

During the third quarter of this year, Sweden’s Gross Domestic Product increased by 6.9 percent compared to the same period the previous year. According to Svenska Dagbladet, the increase was mainly fueled by private and public consumption as well as stock investments.

Sweden’s Prime Minister Fredrik Reinfeldt was notably pleased while commenting on the GDP results. He said that 6.9 percent is a very strong number, especially considering the economic difficulties that many other European countries are experiencing at the moment. He also pointed out that Sweden has good reason to be cautious going forward as the country’s economy relies heavily on export to countries that are going through difficult economic times.

Minister of Finance, Anders Borg also pointed out that it is important not to be caught by hubris by the high economic growth and pointed out Ireland and Iceland as two warning examples.

“When countries explode as we have seen in Ireland and Iceland, a period of overconfidence caused by economic growth has often preceded. That will not happen in Sweden”, Borg commented.

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