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Stockholm economy: More business and a stronger private sector

pressreleaseFriday, October 11, 2013

The growth rate increased in Stockholm during the second quarter of 2013. The private sector is performing well and after a long period of decreased business creation, the trend is now turning around. However, the labor market continues to weaken. These are the results of the latest Stockholm economy report.

Wages increased during the second quarter of 2013 by 1.8 percent in Stockholm County and 2.8 percent in the City of Stockholm compared with the preceding quarter. The growth rate increased compared with the first quarter of 2013 in both the county and the city. Wages increased by 2.7 percent in the rest of the country.

“Stockholm continues to perform well, and business is strong. It is particularly pleasing that new businesses are now gaining speed, and the number of bankruptcies is decreasing,” says Mr Olof Zetterberg, CEO of Stockholm Business Region.

During the quarter, 5,045 new companies were registered in Stockholm County, 2,964 of them in the City of Stockholm, which is 5 percent more in both the county and the city compared with the same quarter last year. This is a break in the trend, which has been negative for the last seven quarters compared with the equivalent period last year.

Employment and hours worked continue to rise in Stockholm. Nevertheless, the labor market in Stockholm became weaker, partly due to the high rate of immigration to the region. During the quarter, the number of available jobs fell by 3 percent in the city and 9 percent in the county, while unemployment rose. However, the labor market in Stockholm is stronger than in the rest of the country.

About Stockholmskonjunkturen
Stockholm Business Region monitors growth in Stockholm city and county in the Stockholmskonjunkturen statistical report, which is issued four times per year.
www.stockholmbusinessregion.se/stockholmskonjunkturen