Sweden's Economic Boost: Construction Sector Gets a Lift

The Swedish government is increasing spending by 5.8 billion crowns to support economic recovery, with a focus on the construction sector. Announced by Finance Minister Elisabeth Svantesson, this move aims to tackle high unemployment and uncertainty in global trade. The plan includes tax deductions for building renovation and maintenance.

The Swedish government is set to bolster its economy with a 5.8 billion crowns injection, primarily benefiting the construction sector, officials announced Friday. This comes amid sluggish economic growth and high unemployment, exacerbated by global trade uncertainties.

Finance Minister Elisabeth Svantesson emphasized the temporary nature of this support, aiming to stabilize the construction industry and bolster the nation's economic standing. These measures are partly attributed to unpredictable global economic conditions.

On April 15, the right-wing government will present its spring amendment budget, allocating 4.4 billion crowns toward increased tax deductions for private building renovations. Meanwhile, Sweden's economy showed modest growth of 1% last year.

(With inputs from agencies.)