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The Swedish government reported on Wednesday that it expects the Gross Domestic Product (GDP) to grown by 3% in 2021, compared to 4.1% announced in September’s report.

The underlying details of the publication revealed that the economy is now forecasted to contract by 2.9% in 2020. 

Commenting on the report, Sweden’s finance minister noted that the economic recovery in autumn had been stronger than expected and added that COVID-19 vaccines give hope in terms of health and the economic outlook.

Market reaction

The EUR/SEK pair showed no immediate reaction to these remarks and was last seen gaining 0.17% on the day at 10.1853.