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Financial News: NIER Downgrades Sweden's Growth Outlook

NIER Downgrades Sweden's Growth Outlook

08/06/2019 - 05:41:00 (RTTNews)

(RTTNews) - The National Institute of Economic Research downgraded Sweden's growth outlook citing higher uncertainty amid escalation of trade wars, Brexit deal and conflicts in the Middle East.

Gross domestic product is expected to grow 1.5 percent this year instead of 1.9 percent projected in June. Similarly, the outlook for 2020 was trimmed to 1.3 percent from 1.5 percent.

The think tank said employment declined further suggesting that the economy entered a slowdown. The jobless rate is seen at 6.4 percent this year and 6.5 percent in 2020.

Inflation is seen at 2 percent this year and 1.9 percent next year, the think tank said. Earlier, the institute had estimated 1.9 percent inflation for both 2019 and 2020.

Lower interest rates in the rest of the world contribute to the Riksbank awaiting the next interest rate hike until autumn 2020, the institute noted.

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