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More gloomy economic signals from the Swedish scene

Thursday, 08 March 2012
Negative economic signals about the Swedish economy continue to flow. But it is not as gloomy as some months ago.

The service sector has now shown worse than expected performance in which production in the service sector is expected to fall during the first quarter, compared with late last year. And because that sector accounts for around half of the Swedish GDP, that might mean that the Swedish economy could be heading for a recession, according to Lena Hagman, chief economist at the trade and employers' organization Almega.

Also the financial officers in the Swedish bank, SEB and the consulting firm, Deloitte survey show a pessimistic business period even if the business climate has improved somewhat since November.

Both studies suggest lower employment. Lena Hagman predicts that unemployment will rise this year. The Financial Officers warned that the strong Swedish krona will hit exporters. Meanwhile, many companies' financial position has weakened and it has become tougher for companies to borrow.

Last Wednesday the Association Teknikföretagen, that deal with mostly manufacturing and technical related export orientated companies presented its forecast for the engineering industry and pointed that it remained bleak, although there were positive signs somewhat from the local market. The downturn there has at least not accelerated as one would have thought.
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