Sweden’s gross domestic product (GDP) declined by 0.2% in May from the previous month, according to preliminary figures released Thursday by Statistics Sweden.
Compared to the same month last year, the economy expanded by 0.5%, the data showed.
The statistical agency attributed May’s slight monthly contraction to reduced activity in the service sector and a drop in output from the general government.
“In May, the Swedish economy experienced a modest decline, primarily due to weaker performance in service-producing industries and the public sector,” the agency noted in its statement.
