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Monday, June 2, 2025

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https://nordictimes.com/economy/swedish-government-unprecedented-economic-turbulence-ahead/

Economy

Swedish government: Unprecedented economic turbulence ahead

Published 15 April 2025
– By Editorial Staff
Elisabeth Svantesson during Tuesday's press conference.
Editorial Staff
editorial@nordictimes.com

Elisabeth Svantesson, the Moderate Party’s Minister for Finance, believes that Trump’s trade tariffs and the unrest they have caused will also affect the Swedish economy.

– We had good conditions for getting the economy going. But then this happened, which we’ve talked about a lot – the trade war has materialized, she emphasizes.

According to Svantesson, the Swedish economy was recovering at the end of 2024 – but this recovery has now been interrupted, and the Americans are being blamed.

The finance minister says that confidence in the US has been badly damaged and will take a long time to rebuild – and that the Trump administration’s actions have damaged both the US and European economies.

– It is sad that one of Sweden’s partners, the United States, is acting in this way, she said:

– What we are experiencing now is unprecedented. We have a trade war at a time when markets are highly integrated.

“Higher costs for businesses and households”

Although the finance minister admits that the consequences of the trade war are difficult to determine in advance, she nevertheless maintains that Sweden remains strong “with world-class public finances” and the focus of the spring budget, according to Svantesson, is on getting “the wheels turning” through various economic measures such as increased tax deductions and increased funding for the Swedish Public Employment Service.

– We don’t know all the consequences of the trade war yet, but we know that it is harmful… But with this budget we are protecting Sweden, and we are prepared to do more, she adds.

Despite the SEK 11.5 billion (€1 billion) in measures, unemployment is predicted to rise from 8.2% today to 8.6% by the end of the year, and inflation to 2.5%, from 1.9% previously.

The Ministry of Finance expects Sweden’s GDP to grow by 2.1% in 2025 – lower than previous estimates. However, growth is expected to pick up in 2026 and 2027, according to the forecast, which may be revised in the future.

“The announcement of increased import tariffs in the United States has caused turbulence in financial markets and sharp stock market declines. Higher tariffs are expected to lead to higher costs for businesses and households, which is expected to dampen demand. At the same time, increased uncertainty itself risks dampening economic activity as firms and households postpone investments, hiring and purchases”, the assessment says.

Editorial Staff
editorial@nordictimes.com

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https://nordictimes.com/the-nordics/sweden/tests-reveal-imported-honey-in-sweden-is-fake/

Sweden

Tests reveal imported honey in Sweden is fake

Published today 11:34
– By Editorial Staff
According to EU rules, real honey should only contain honey - and nothing else.
Editorial Staff
editorial@nordictimes.com

All honey imported into Sweden is fake, new tests show. Instead, the “honey” contains mostly sugar and syrup.

The industry organization Biodlingsföretagarna has tested 40 honey products available on the Swedish market. A new form of DNA technology was used to test the honey.

36 of the products, all imported, did not contain real honey, the tests showed. Instead, the products contained sugar and syrup. Only four of the products tested contained real honey and all were produced in Sweden.

– We consider this to be extremely serious. We knew there were fake products on the market, but we are shocked by the scale of it, says Yngve Kihlberg, chairman of the Swedish Beekeepers’ Association, to the tax-funded SVT.

“Must await EU decision”

In the EU, a product called “honey” must contain only honey. It is okay to mix honey from different origins, but not to add other ingredients. According to the trade association, most of the imported “honey” comes from China, where they have found ways to cheat to allow products to pass controls even though they contain very little honey.

Swedish grocery retailers will not replace the honey products identified as fake at this stage, as they have passed the current controls.

– We would like to replace the current testing methods if they do not work. But we have to wait for the EU’s decision on the accreditation of the DNA tests, says Martin Andersson, who is responsible for industrial policy at the Swedish grocery trade, to SVT.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/electric-cars-plummet-in-value-diesel-holds-up-better-than-expected/

Economy

Electric cars plummet in value – diesel holds up better than expected

Published 30 May 2025
– By Editorial Staff
The Kia E-Niro has a 53% depreciation in three years - as much as the Tesla Model Y Long Range. It is the largest depreciation of all car models compared.
Editorial Staff
editorial@nordictimes.com

Diesel cars have long been identified as losers in the transition to electric vehicles, but a new study shows that they actually retain their value better than electric cars.

Over a three-year period, the value of certain diesel models decreased by as little as €6500, compared to electric cars, where the loss in some cases amounted to as much as €35,000.

The study, conducted by Carup, covers five diesel cars and five electric cars, all around three years old and with a mileage of less than 100,000 km, and the results show clear differences in depreciation between the two drivetrains.

Among the diesel cars, the Audi A6 Avant and Skoda Kodiaq performed best, with a depreciation of less than 20 percent. The Volvo V60 Momentum lost the most among the diesels – 33 percent – but even that was better than most electric cars in the comparison. The original new price for the model was € 37,500.

According to the survey, demand for used diesel cars remains strong, which is partly explained by a limited supply of newer diesel models. Despite higher taxes and environmental charges that have negatively affected diesel cars for several years, there still seems to be considerable interest in them.

Among electric cars, the Tesla Model Y saw the biggest drop. The car, which had a new price of nearly €66,000, has lost more than half of its value in three years. The Kia E-Niro, Volkswagen ID.4, and Volvo XC40 Recharge also recorded a value loss of around 50 percent. The largest monetary loss was seen in the Tesla – a whopping €35,000 – although a previous Swedish climate bonus of €6,400 mitigated the loss somewhat.

Diesel popular – despite higher operating costs

The difference in value growth is believed to be due to diesel cars having a more established second-hand market, while uncertainty surrounding the long-term battery performance and technology of electric cars continues to influence purchasing behavior.

At the same time, owning a diesel car entails higher running costs. Fuel prices and vehicle tax mean that the operating costs of a diesel car often exceed those of an electric car, which is something many buyers take into account when deciding which car to buy.

“Our comparison shows that diesel cars are not the losers many people thought they would be. They have withstood the decline in value significantly better than electric cars. On the other hand, drivers have had to pay significantly more for fuel and vehicle tax over three years compared to electric cars. It remains to be seen who will be the winner over the next three years for those buying a used car. Three years ago, not many people believed in diesel cars”, Carup concludes.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/one-in-five-young-swedish-women-see-shopping-as-a-hobby-amid-rising-debt/

Economy

One in five young Swedish women see shopping as a hobby amid rising debt

Published 30 May 2025
– By Editorial Staff
Many young women say they shop "to feel better" - even though they can't really afford it.
Editorial Staff
editorial@nordictimes.com

Since 2015, Swedes’ total debts to the Swedish Enforcement Authority have increased by 50 percent – and young women account for the largest increase.

According to experts, the accumulation of debt is linked to the fact that as many as 22 percent of young women today consider shopping an important hobby – compared to only five percent of men.

– The figures are remarkably high. There is a problem in that they see it as entertainment, but also as a form of self-medication, says everyday economist Magnus Hjelmér on Swedish public television SVT.

One in five young women shops “to feel better” and one in ten say they “reward” themselves with shopping – even though they are aware that they cannot really afford it.

It is also noteworthy that around 20 percent of young Swedish adults prefer to buy things on credit or invoice rather than paying immediately at the time of purchase. This also causes young women to shop more than they otherwise would, and leads many into debt.

“Gaining happiness by buying things”

– Everyone shops. It’s not really strange. It’s stranger if you don’t have a shopping addiction. There are trends and everyone wants to have everything, so that’s just how it is, says Donja Mollazadeh, who admits that she shops as soon as she gets the chance.

– It makes you happy, it’s like a dopamine rush you get inside. You feel good when you get new clothes and nice things, she continues.

Several young women the channel spoke to say they shop to make themselves “happy” or to “calm down” when they are stressed, and that they quickly tire of what they have just bought and want to shop even more.

– It’s about being a bit materialistic, maybe. That you get happiness from buying things, says Matilda Bergqvist.

“Reduce time on social media”

Magnus Hjelmér points out that there are several explanations for this negative trend. One is the rise of online shopping, which, together with easily accessible quick loans and credit, makes it very easy to shop – plus, websites are designed so that it takes as few clicks as possible to make a purchase.

Influencers and social media are also singled out as culprits, and Hjelmér notes that huge sums of money are spent on marketing aimed primarily at young girls and women.

– One way to limit your shopping is actually to reduce the amount of time you spend on social media, he says, urging parents not to let their children save up for things they want to buy – and not to buy on credit.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/finland/worrying-trend-more-people-driving-under-the-influence-of-drugs/

Finland

Worrying trend: More people driving under the influence of drugs

Published 30 May 2025
– By Editorial Staff
Genre image - traffic accident. There is no information that drugs are related to this particular incident.
Editorial Staff
editorial@nordictimes.com

In Sweden, it is now more common for drivers to be under the influence of drugs than alcohol, while in Finland it is still more common to drive drunk than under the influence of drugs.

Between 2018 and 2022, 81 people died in Finland in traffic accidents where the driver who caused the accident was under the influence of at least one drug. This corresponds to 11 percent of all fatal traffic accidents during the period when drug testing was possible.

– Alcohol is still the most common intoxicant in fatal traffic accidents, but drugs are becoming increasingly common. This is particularly true of amphetamines, which are often linked to high speeds and risky decisions. Cannabis is also common among those who drive while intoxicated, says Kalle Parkkari, Director of Traffic Safety at the Finnish Accident Investigation Board, to Swedish Yle.

Statistics show that drivers under the influence of drugs are more likely to collide with other vehicles, while drivers under the influence of alcohol tend to drive off the road or crash in off-road terrain. However, Parkkari points out that the number of cases is so limited that it is difficult to draw firm conclusions.

– There is nevertheless a slight trend indicating an increase in drug-related driving under the influence. Traffic is part of society, and drug use in society appears to be on the rise. It is therefore inevitable that drugs will also begin to appear more frequently in traffic, Parkkari notes.

Sweden stands out in the statistics

In Sweden, the trend is more alarming. Between 2012 and 2022, 23 percent of drivers who died in traffic accidents were under the influence of drugs, compared to 11 percent who had alcohol in their system. Drug-related drunk driving has thus overtaken alcohol as the most common cause.

Lars-Olov Sjöström, traffic safety manager at the Swedish Motorists’ Sobriety Association, points to a change in attitude among young people as a possible explanation.

– For a hundred years, we have taught people not to drive with alcohol in their system, but the surveys we have conducted in collaboration with authorities in Norway show that the same young people who refrain from driving when under the influence of alcohol do not think as carefully when it comes to cannabis. We are lagging behind in providing information about cannabis and other drugs.

“We can learn from each other”

He believes that a more liberal and permissive view of “recreational drugs” among young people makes the work more difficult, but still sees hope for change within five to ten years. Both Parkkari and Sjöström emphasize the importance of cross-border cooperation to manage the development.

– It would be enormously helpful if we could learn from other countries’ experiences in this area. While the situation in Finland is still under control, it is very important to ensure that it does not get worse, says Parkkari.

Sjöström agrees, adding:

– We are seeing the same pattern in Finland as we have seen in Sweden, so we can learn from each other and discuss methods for dealing with the problem.

Editorial Staff
editorial@nordictimes.com

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