Swedish Economy Grows 1.1% in August, Beating Forecasts

"The Swedish economy grew in August after declining in July. The upturn was relatively broad and was driven by, among other things, increased household consumption and rising production in the goods industries," says Melker Pettersson Loberg, an economist at Statistics Sweden (the national statistics agency), in a press release.

The figure was higher than expected. Economists' average forecast was 0.5 percent, according to Bloomberg.

"Overall, the figures point to continued momentum in the Swedish economy. A significant change will be required for the Swedish Central Bank (Sweden's central bank) not to raise the key interest rate in November," Nordea writes in a comment.