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Swedish economy fails to meet growth forecast

Swedish economy fails to meet growth forecast

Published: 14 Sep 2012 10:48 GMT+02:00
Updated: 14 Sep 2012 10:48 GMT+02:00

"These figures feel much more appropriate," Annika Winsth, head economist with the Nordea bank, told the TT news agency.

"It's a major revision, but expected."

According to Winsth, earlier forecasts published by Sweden's official statistics agency, Statistics Sweden (SCB), were overly optimistic in light of evidence showing a slowdown in the manufacturing sector.

The national statistics institute said the downward revision mainly reflected a fall in exports of services, public consumption as well as the contribution of inventories to growth.

According to Nordea's forecasts, Sweden's economy will likely grow 1.2 percent for 2012 as a whole, although there is a chance that growth may end up even lower. The bank expects zero growth for the third quarter.

"We are somewhere close to bottom in terms of Swedish economic growth," said Winth.

Following the announcement from SCB, the krona fell slightly against both the euro and the dollar.

TT/AFP/The Local

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Your comments about this article

11:41 September 15, 2012 by viennacalling
This is another example where the finance ministers and the Central Bank leaders get it wrong , All too often! They and their Banking Associates do not invest in a huge way to increase domestic growth. They All knew about this scenario Over 4 Years Ago! They have Done Very Little Almost Nothing!

And by the way the Swedish Kroner did not drop against the Euro , the Euro has increase in Value over the last 3 weeks because the ECB and the German Courts etc are starting to get their Acts Together albeit 4 years Late !

We the Poor Taxpayers Need a complete change of these so called Leaders !
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