Sweden's economy forecast to shrink 0.9 pct in 2023

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Sweden's economy forecast to shrink 0.9 pct in 2023

STORY: Sweden's economy forecast to shrink 0.9 pct in 2023 DATELINE: Aug. 10, 2023 LENGTH: 00:01:50 LOCATION: Stockholm CATEGORY: ECONOMY SHOTLIST: 1. press release (courtesy of the National Institute of Economic Research) 2. various of street views in Stockholm 3. various of Sweden's central bank 4. various of Sweden Statics STORYLINE: Sweden's gross domestic product (GDP) is forecast to shrink 0.9 percent this year, the National Institute of Economic Research (NIER) said on Wednesday. In its previous report released in late June, the government agency expected the country's GDP to contract by 0.4 percent. For 2024, the GDP is expected to grow by 1.2 percent, 0.2 percentage points slower than in the June prognosis. Inflation is expected to reach 8.7 percent this year and 2.7 percent in 2024, both figures unchanged from the previous prognosis. The key interest rate of Sweden's central bank (Riksbank) is forecast to reach 4 percent by the end of the year, 0.3 percentage points above what NIER predicted

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