Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  April 15, 2013 12:04:40

Sweden reduced its GDP growth forecasts in 2014 due to the strong crown


Sweden acceded to reduce its outlook for economic development in the coming year. Strong Swedish Krona probably amplify the negative effects of the European debt crisis, reflected in minor export demand. GDP by next year should grow by 2.2% in December compared to an estimated 3%. This year, GDP will grow by 1.2% compared to 0.8% in 2012.
Weak economic growth is likely to cause, recognized that public finance deficit this year and next year at 1.6% and 1% of GDP. Balanced budget biggest Scandinavian economy recorded in 2015. Total debt Sweden by the end of the year gets to about 42% of GDP by next year will fall to 41.8% and 39.5% in 2015. In 2012, debt levels reached 38.2%.

Fully half of GDP is generated in relation to exports, of which 70% went to European countries.

Sweden has recently been seen as one of the "save heaven" countries, causing significant growth in its currency, which reduces the competitiveness of Swedish goods in the world and it reduces employment in the country.
The Swedish krona strengthened for the basic basket of nine currencies of developed countries for the last 12 months by 7.9%. SEC strengthened against the euro last year by 6%.

It is estimated that by the end of next year will increase the country's unemployment rate to 8.4%, which is the most in the whole of Scandinavia.

Two-year government bond yields are moving at 0.971% and 1.68% at ten. Basic interest rate moves to 1% and shall be done at least until the end of 2014. For 2015, the Swedish central bank estimates growth rate to 1.75%.
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