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Financial News: Sweden NIER Says Riksbank Rate Hike Unlikely Until

Sweden NIER Says Riksbank Rate Hike Unlikely Until Q3 2018, Raises GDP Forecast

03/29/2017 - 03:31:00 (RTTNews)

(RTTNews) - Swedish central bank is unlikely to raise its key interest rate until the third quarter of next year as core inflation remains low though the headline figure hit 2 per cent in February, the National Institute of Economic Research said Wednesday.

"The Riksbank will therefore wait before raising the repo rate, with a first hike not expected until the third quarter of 2018," the think tank said as it released its latest quarterly macroeconomic projections.

Growth forecast for this year was boosted to 2.5 percent from 2.2 percent. The outlook for next year was raised to 2.1 percent from 2 percent.

Inflation forecast this year was increased to 1.5 percent from 1.3 percent.

The institute expects the positive output gap in the Swedish economy to widen further this year and exports to increasingly drive economic growth in the years ahead supported by a recovery in global demand.

The country's labor market situation is also improving as more and more immigrants are finding work, the NIER said.

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