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Financial News: Sweden's NIER Raises 2021 Growth Forecast

Sweden's NIER Raises 2021 Growth Forecast

03/31/2021 - 08:38:00 (RTTNews)

(RTTNews) - Sweden's economy is expected to grow at a faster pace this year with a gradual recovery in the second quarter, the National Institute of Economic Research said in its quarterly report on Wednesday.

Gross domestic product is forecast to grow 3.7 percent this year instead of 3.2 percent estimated in December. But the outlook for 2022 was revised down to 3.4 percent from 3.5 percent.

The think tank observed that extended restrictions and a third wave of infections have also brought subdued growth in the first quarter this year.

According to NIER, the economy will nevertheless operate well below capacity in 2021, and unemployment will still be well above 8 percent at the end of the year. The jobless rate is seen falling to 7 percent by the end of 2025.

Consumer prices are forecast to gain 1.6 percent this year and 1.4 percent next year. In December, the agency had projected 0.9 percent in 2021 and 1.3 percent in 2022.

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