Sweden's economy slumped into recession in the third quarter, contracting 0.3% from the previous one, the statistics office said on Wednesday, as higher interest rates hit consumer spending.
Compared to the corresponding quarter last year, GDP shrank 1.4%, more than a flash estimate that had indicated GDP would shrink 1.2%. The flash estimate had indicated stagnant growth compared to the previous quarter.
"GDP decreased for the second consecutive quarter," the statistics office said in a statement.
"The downturn was general but counteracted in part by strong exports of services. Household consumption expenditure was negative for the fifth consecutive quarter," it said. (Reporting by Johan Ahlander, editing by Anna Ringstrom)