Sweden also tops the United States in the domain of mobile Internet, as witness both Microsoft’s decision to locate the development of such systems here and the first WAP phones in Swedish shops. Internet use in Sweden is also well in line with the United States. Market surveys by IT consultants admittedly indicate that in relation to total retailing, Internet shopping for goods is somewhat higher in the United States but Sweden is ahead of many other countries in Europe. Most of the portals and e-commerce sites are also American. But a considerably higher proportion of Swedish banking is done on the Internet and Sweden has been an early starter with models for Internet business-to-business transactions. We also know that in the latter part of the 1990s, IT-related sectors, including the successful telecom industry, accounted for almost a tenth of manufacturing output in Sweden. Figures from the Association of Swedish Engineering Industries show a remarkable increase during the decade, from a share of just over 2% in 1993 to more than 12% in 1999. According to the same source, one fifth of Sweden’s GDP growth from 1995 to 1998 came from the IT and telecom sector. Comparing statistics can be difficult but a similar indicator - from the Department of Commerce - of the IT and telecom sector’s share of GDP growth in the United States shows that in the same period this sector made approximately the same contribution there. 3.2 Another important aspect in America has been efficient markets and strong competition.
Some improvement in the euro area Developments in the euro area have been relatively calm over the summer, despite some political uncertainty in Portugal, Spain and Italy. Moreover, there have been assessments of Ireland and Greece, for instance, that indicate the on-going reform work is progressing well. The reform work in both countries has been approved, which has paved the way for continuing aid payments. But the problems remain, and during the summer both Italy and France had their credit ratings downgraded because of poor growth prospects. Perhaps the most important thing is that new statistics show that the euro area GDP has begun to grow again. After being negative for six quarters in a row, GDP growth was 1.1 per cent in the second quarter of this year, according to preliminary figures and calculated as an annual rate. In Germany, which is very important to Swedish exports, GDP growth was clearly above the average for the euro area as a whole. At the same time, indicators for the  6  BIS central bankers’ speeches  start of the third quarter point to a continued improvement. The aggregate purchasing managers’ index rose in July to just over 50, for the first time since the start of 2012, and consumer confidence also began to rise. New labour market statistics also show that unemployment in the region has stabilised, albeit at a very high level. All in all, the new information confirms the picture that the recovery in the euro area has begun.