May 14, 2020 / 1:43 PM / 15 days ago

Swedish Finance Minister says economy on track for roughly 7% fall this year

STOCKHOLM, May 14 (Reuters) - The outlook for the Swedish economy has not changed in the last couple of weeks, Finance Minister Magdalena Andersson said on Thursday with the government expecting gross domestic product to shrink around 7% this year.

“In general, the picture is the same,” Finance Minister Magdalena Andersson told reporters at a news conference.

In late April, the government said that the economy was likely to contract between 4.2% and 10% this year with data pointing to a roughly 7% contraction at that time.

Andersson said the government had revised up the cost of measures to soften the blow to the economy of the outbreak of the novel coronavirus to around 240 billion crowns ($24.34 billion) this year after the cost of wage support for workers put on shorter hours by their employer had been revised up to 95 billion crowns. ($1 = 9.8595 Swedish crowns) (Reporting by Simon Johnson and Johan Ahlander)

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