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Stockholm, Sep 29 (IANS) Sweden’s economy is set to contract a year from now due to expansion and expanding financing costs, an administration organization said.
GDP (Gross domestic product) per capita should decrease by 0.7 percent in 2023, the Swedish Public Organization of Financial Exploration (NIER) said in a report.
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“The high expansion and increase in home loan financing costs have diluted the purchasing power of families, and they have a gloomy outlook on the future,” the Xinhua news organization quoted the report as saying.
The families are expected to get some compensation on the high cost of electricity from the state, however, in any case the use will have to be reduced later, it added.
The Swedish national bank Riksbank eventually raised its policy rate by 100 to 1.75 percent, and the NIER admits that further increases are imminent.
The organization predicts that the adjustment rate will remain at 2.3 percent before the end of the year and remain at a similar level through 2023, before falling to 1.8 percent in 2024.
The year-on-year customer cost record with the correct loan fee (CPIF) should reach 7.7 percent at the turn of, the previous year decreased to 4.6 percent in 2023 and to 0.5 percent in 2024.
Over the course of the accompanying two years, it has risen normally again, however, remaining below the Riksbank’s 2% goal.
Unemployment is also expected to rise from 7.4 percent this year to 7.7 percent in 2023, before rising to 8.0 percent in 2024.
In the meantime, according to NIER, Swedish customers have a bleak outlook for next year.
The consumer confidence marker again reached a record-low level, this season at 49.7 (standard 100).
This is impressively lower than in the late spring of 2021 when the consumer confidence pointer remained at 110.
Among retailers, the specific marker also decreased, from 91.3 in August to 81.7 in September.