Sweden’s GDP Shrinks More Than Expected on Cusp of Recession
- Bloomberg Economics says recession is likely to have started
- Sweden may be the only one in EU to contract in full-year 2023
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[Editor’s note: On March 3, Statistics Sweden corrected the gross domestic product figures referred to in this story to show the contraction in the fourth quarter was smaller, at only 0.5%. A story on the revised estimates can be found here.]
Sweden’s economic output shrank more than previously estimated at the end of last year as household finances were eroded by a rapid increase in consumer prices as well as by higher borrowing costs.