Swedish export weakest since WWII
Swedish export is headed for the worst year since World War II, the Swedish Trade Council said in a new report.
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Although the global recession seems to be over, the situation for Sweden’s export is far from joyful.
“2009 will be the worst year for Swedish export since 1975, and might even be the weakest since World War II”, the Swedish Trade Councils chief economist Mauro Gozzo said in a report presented on Thursday.
Sweden depends heavily on exports, which make up half of GDP, but the global credit crunch has seen consumer demand for its goods evaporate.
Despite the recent global economic upswing, Swedish expects the export to contract 12.5 percent this year.
Exports of goods from Sweden dropped during the second quarter by an entire 23 percent in volume compared to a year ago, the statistics office said. At the same time, Swedish imports of goods decreased in volume by 26.1 percent.
However, next year its expected to swell 6 percent. The Association of Swedish Engineering Industries, Teknikföretagen, said on Thursday that the fall in new orders had come to a halt and that the crisis for the industry had leveled out, both at domestic and foreign markets.
Last month Fitch Ratings, an international credit rating agency, warned that the Swedish economy will recover slowly and that the export-dependent economy will remain in the red until the beginning of next year.
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Last Updated (Thursday, 10 September 2009 12:33)
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