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Financial News: Sweden's NIER Upgrades 2018 GDP Outlook

Sweden's NIER Upgrades 2018 GDP Outlook

12/21/2017 - 05:14:00 (RTTNews)

(RTTNews) - Sweden's economy is forecast to grow at a faster than previously projected pace next year, the National Institute of Economic Research reported Thursday.

The Swedish economy is booming, the Stockholm-based state-run think tank said in its Swedish Economy Report.

Gross domestic product is forecast to grow 3 percent in 2018 instead of 2.8 percent. For 2019, the think tank lifted the outlook to 2.1 percent from 1.8 percent.

The bank projected 1.4 percent growth for 2020, 1.3 percent for 2021 and 1.4 percent for 2022.

Meanwhile, the outlook for this year was lowered to 2.7 percent from 3 percent projected in October.

Further, inflation is forecast to slow to 1.7 percent in 2018 before rising to 2.3 percent in 2019. The rate is expected to climb again in 2020, to 2.9 percent.

In October, the NIER had projected 1.7 percent inflation for 2018, 2.3 percent in 2019 and 3.2 percent in 2020.

Unemployment will continue to fall in 2018 and will bottom out just above 6 percent in 2019, the think tank said. The rate is forecast to fall to 6.4 percent in 2018, and then to 6.2 percent in 2019.

The agency cautioned that recent months' decline in housing prices is a major source of uncertainty.

The economic tendency survey index dropped to 112.5 from 113.8 in November, survey results from NIER showed today. This was the lowest level since August. But it suggests much more positive sentiment than normal in the economy, the think tank said.

In the consumer survey, both the micro index and the macro index were largely unchanged in December, with households remaining more positive than normal about both their personal finances and the Swedish economy.

The corresponding index rose slightly to 108.2 in December from 108.0 in November.

Meanwhile, the manufacturing confidence index declined to 116.8 from 121.0 a month ago. The main component pulling down the indicator was firms' production plans for the next three months.

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