Sweden's economy shrank for a fourth consecutive quarter with a 0.1% decline in Q1 2023 due to rising borrowing costs and decreased housing construction.
Sweden's economy shrank for a fourth consecutive quarter, with a 0.1% decline in GDP in Q1 2023. Rising borrowing costs, large debts with short-term fixed interest rates, and decreased housing construction contributed to the contraction. The central bank hinted at a potential rate cut later this year to boost consumer confidence, which is currently at its highest level since Feb 2022, while retail sales declined 0.4% in March.
April 29, 2024
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