Sweden’s Economy Developing Better Than Expected – Finance Minister

STOCKHOLM–Sweden’s Finance Minister Anders Borg said Thursday that his country’s economy has developed better than expected recently and has shown more resistance than forecast to the crisis consuming many parts of Europe.

Recent data showed Sweden’s economic output grew 2.3% on the year in the second quarter of 2012. The finance ministry has a current forecast of 1.1% growth for 2012 as a whole.

“We have made the assessment that the Swedish economy is more robust than we thought,” Anders Borg told reporters in the Swedish capital. “The information that has come in suggests we may have to review our forecasts and revise them up,” Mr. Borg said.

He said his ministry would be working on the forecasts in coming weeks.

The positive developments suggest Sweden has more room to make investments than expected, the minister said. Mr. Borg said his September budget proposal for the coming year will include investments in areas like research. Today’s comments suggest the level of investment could be higher than Mr. Borg has previously assessed.

“We have greater room for manoeuvre when it comes to considering futures investments,” he said. “There is much work to do before we can give exact details,” he added.

Source: Charles Duxbury

Link: http://www.nasdaq.com/article/swedens-economy-developing-better-than-expected—finance-minister-20120809-00127

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