Sweden’s economy is expected to contract by 0.9% in 2023

By :| Key words : Sweden-economy

French China | Updated on 09-08-2023

Sweden’s GDP is expected to shrink by 0.9% this year, the National Institute for Economic Research (NIER) estimated on Wednesday, after predicting a contraction of 0.4% in late June.

For 2024, GDP is expected to grow by 1.2%, or 0.2 percentage point less than in the June forecast. Moreover, according to the NIER, inflation should reach 8.7% this year and 2.7% in 2024, two figures unchanged from the previous forecast.

The key interest rate of the Swedish central bank (Riksbank) is expected to reach 4% by the end of the year, 0.3 percentage points higher than what the public body forecast in June. He expects that same rate to fall to 2.8% by June 2024, 0.5 percentage points higher than the previous forecast.

Finally, the NIER predicts that the unemployment rate should reach 7.7% this year, which is 0.2 percentage points higher than the previous forecast, and 8.4% in 2024, which is 0.3 percentage points higher. .

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