STOCKHOLM—Sweden's gross domestic product surged in the fourth quarter of 2010, rising the most since records began, easily beating forecasts and offering further support to the Riksbank's plans to raise interest rates during 2011.
Economic output in Sweden grew 7.3% in the three months to Dec. 31 compared with the same period in 2009, beating economists' estimates of 6.9%, and expanded 1.2% compared with the third quarter against forecasts of 0.9%, Statistics Sweden said.
GDP growth of 7.3% was the biggest quarterly rise year-on-year since Statistics Sweden started measuring
via online.wsj.com
Rupert fell asleep and let someone in the newsroom spew some facts forth from the Wall Street Journal. Sweden: highest social spending in the world, 80% of the people are members of unions, a health system almost entirely free at the point of care, free education, strong environmental regulations, and lowest debt in the West: in fact it had a 2010 budget surplus and has a projected budget surplus for 2011. Oh, by the way, both Ikea and Nokia are shunning the dollar and using the yuan for trade.
Funny things happen when you do things to stop your nation from becoming an oligarchy with obscene wealth disparity (note Sweden's standing here) and when you don't focus so much on going abroad looking for dragons to expensively slay. (Sweden hasn't been to war since 1814.)
Okay, okay.... Sweden has only so many lessons applicable to the US. It's much smaller. It's a much more homogeneous culture. It has a lot more herring. It has Alexander Sskarsgard and Freddie Ljundberg, and jet fighters built by Saab. It doesn't have Dollywood. And economics is a lot more complicated than this post makes it out to be. But still, Sweden gets a lot of crap, falsehoods-based press in the US (all Swedes are suicidally unhappy sex-craved so-and-so's, blah, blah, blah) so I'm surprised that when there's some good news out of the Svea Rike it might get a mention in The Street's favorite Aussie-owned publication. Once in a great while I see a copy of the WSJ and remember that the first time I ever heard the phrase "corporate kleptocracy" actually uttered it was when a hedge fund manager marvelled at the American white lower and middle-classes' amazing ability to consistently vote against its own economic self-interests in the name of cowboy capitalism, stopping the queers, or a bit of both....all to the benefit of the manager and his clients among whom 99.9% of those same segments of voters will never be and could never be.)
Skål!