(MENAFN) Sweden announced cutting its growth forecasts for the year as the Nordic country, one of Europe's strongest economies, shows further signs of a slowdown, AFP reported.
Growth last year is now expected to have totaled just around 1.8 percent, down from the 2.1 percent expansion in gross domestic product it forecast earlier in October, government officials said.
The government also cut its 2015 growth forecast by 0.6 percent to 2.4 percent, and the 2016 forecast by 0.5 points to 2.7 percent. The goal of balancing the country's books will not be reached before 2018.
"It's not looking better than in the autumn, quite the opposite. The money has run out. The government now has a forecast that is much in line with ours," Finance Minister said in a statement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.