Business News
Sweden lowers 2012 growth forecast to 1.3 per cent
Aug 26, 2011, 16:43 GMT
Stockholm - The Swedish government Friday sharply lowered the growth rate forecast for 2012 to 1.3 per cent in the wake of the global debt crisis.
The Finance Ministry earlier forecast 3.8 per cent in April.
'The great uncertainty over developments require clear safety margins to secure that Sweden has freedom of action to tackle a more extended and deeper downturn,' Finance Minister Anders Borg told reporters.
The projections also suggested that unemployment would grow from 7.5 per cent this year to 7.9 per cent in 2012. The projected 1.8 per cent surplus in the 2012 budget was revised to a nominal surplus.
Borg's remarks were made as the cabinet was about to meet to discuss the economy and upcoming autumn budget.
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