Bloomberg News

Swedish Household Borrowing Slowed for a 13th Month in October

November 25, 2011

Nov. 25 (Bloomberg) -- Swedish household-credit growth slowed for a 13th month in June, hitting the lowest in at least nine years, as an economic expansion abates.

Household borrowing rose an annual 5.5 percent compared with 5.7 percent the previous month, Stockholm-based Statistics Sweden said in a statement today. That compares with a peak of 13.2 percent in March 2006.

The Swedish central bank, the Riksbank, last month left its benchmark repo rate unchanged at 2 percent for a second month and lowered its plan for proposed rate increases as growth slows amid economic turmoil in Europe. Swedish monthly retail sales have fallen for three consecutive months through September and industrial orders have fallen in four of the past six months.

Sweden’s financial watchdog introduced a cap on mortgage borrowing in October last year after house prices recovered to record levels seen before the global financial crisis.

--Editors: Tasneem Brogger

To contact the reporter on this story: Jonas Bergman in Oslo at jbergman@bloomberg.net.

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net


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