https://nordictimes.com/economy/germanys-estimated-cost-of-the-ukraine-war-175-billion-euros-in-2023/

Economy

Germany’s estimated cost of the Ukraine war: 175 billion euros in 2023

Published 14 February 2023

– By Editorial Staff

Photo: Images Money/7th Army Training Command/CC-BY-2.0

According to researchers at the liberal think-tank, the Cologne Institute for Economic Research, the war in Ukraine is estimated to cost the German economy €175 billion – in 2023 alone, equivalent to a whopping 4.5 percent of GDP.

“The war in Ukraine and all the economic threats associated with it will cost around 175 billion euros in added value. Adjusted for prices, this corresponds to around 4.5 percent of GDP”, the researchers conclude in the report.

This enormous sum is equivalent to about €2,000 per German citizen.

It can be noted that already in the previous three years Germans had to accept huge economic losses as a result of political decisions. The lockdown policy during the corona crisis is estimated to have cost the country €175 billion in 2020 and €125 billion in GDP losses in 2021, last year the economic losses for these are estimated to have landed at around €120 billion.

Total output losses, calculated since the start of the corona policy, are estimated to reach a staggering €595 billion by the end of 2023 – around €7000 per inhabitant in Germany.

It notes that Germany is still in a state of crisis and that the corona crisis has turned into a new crisis due to the ongoing war in Ukraine and the blowing up of Nord Stream, where the energy sector is under threat and there is a risk of disruptions and emergencies in critical infrastructure.

The sharp rise in costs – not only for electricity and gas – but also for raw materials and suppliers threatens German competitiveness and makes few German companies dare to carry out planned investments.

At the same time, the situation is having a very negative impact on the German private economy. Households are not buying as much as before and are choosing to hold on to their money to a greater extent – which has a further negative impact on the whole economy.

– The situation is still very fragile. The exceptional situation will keep us busy in the coming months and will weigh on prosperity, comments economist Michael Grömling.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/swedish-food-prices-soar-up-25-percent-in-three-years/

Economy

Swedish food prices soar – up 25 percent in three years

The destruction of the European economy

Published 9 January 2025

– By Editorial Staff

Photo: iStock/Vladimir Fedorov

The price was increased on almost 36,000 food products last year.

Food prices in Sweden have risen by 25% over the past three years, according to a new report from Matpriskollen, a Swedish consumer price tracking organization. In 2024, the most significant price increases were seen in chocolate, olive oil, coffee, and dairy products.

In 2024, food prices increased by 2.8%. If other grocery products are also included, the increase is 2.1%.

Overall price increases have reached 25% since January 2022, according to the report.

The increases vary between stores, and last year they were most noticeable at City Gross, Ica Kvantum, Hemköp and Ica Supermarket. At the same time, some stores are trying to compete by keeping prices lower.

– Maxi is chasing Willys for low prices and in many cases trying to match prices. The price difference on comparable items is around 4% between Willys and Maxi. Lidl, which also offers low prices, has the same price level on directly comparable items as Willys, says Ulf Mazur, CEO and founder of Matpriskollen in a press release.

36 000 products became more expensive

In 2024, the price of almost 36,000 products increased. The increase was particularly marked for cocoa, which has made chocolate on average 17% more expensive. Vinegar and oils also rose by 12%, with olive oil in particular recording a sharp price increase.

Coffee prices have reached their highest level since 1972, with an 18% increase over the year. Dairy products, meanwhile, have risen by 4.7%.

Organic goods rose by 3.6% over the year, according to Matpriskollen.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/doubling-of-working-retirees-in-sweden/

Sweden

Doubling of working retirees in Sweden

The destruction of the European economy

Published 4 April 2024

– By Editorial Staff

Photo: TheStandingDesk/Unsplash

Older men tend to have higher employment rates than women.

According to Statistics Sweden (Statistiska Centralbyrån – SCB), twice as many older people are employed today than two decades ago. Men generally have a higher employment rate than women.

Men aged 65-69 worked an average of 27 hours per week, while women in the same age group worked an average of 24 hours per week. In the 70-74 age group, men worked on average 23 hours per week and women 18 hours. In 2023, the employment rate for the age group 75-89 in Sweden was seven per cent, or 65,700 people. For the 65-74 age group, the figure has doubled in two decades.

– More older people are working after retirement. The 65-74 age group has gone from an employment rate of 10 percent in 2001 to 20 percent in 2023, says Louise Stener, a statistician at Statistics Sweden, in a press release.

Women are more likely to work in health and social care, while men are more likely to work in agriculture and horticulture. At the same time, more older people are actively looking for work, and the proportion of unemployed older people is now twice as high as it was ten years ago.

– This suggests that there is an untapped labor supply even at older ages, says Stener.

The report is based on statistics from Statistics Sweden’s labor force surveys of people aged 55-89 in Sweden.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/four-out-of-ten-single-swedes-borrow-money-to-pay-for-essentials/

Economy

Four out of ten single Swedes borrow money to pay for essentials

The destruction of the European economy

Published 31 March 2024

– By Editorial Staff

Photo: Jacek Poblocki/Unsplash

Rising prices have made life extremely difficult for many single parents.

Four out of ten single families have had to borrow money in the last six months, according to a new Sifo survey. At the same time, one in five single people have been unable to afford food on one or more occasions.

The survey, commissioned by the Swedish Tenants’ Association (Hyresgästföreningen), Majblomman (an artificial flower sold by schoolchildren for charity), Save the Children (Rädda Barnen) and the Swedish Red Cross (Röda korset), reveals a tougher daily life for the most vulnerable families. Rent increases, high interest rates and rising food prices have put extra pressure on families with limited financial resources, and the situation has become more serious than last year.

Three in ten cohabiting parents and four in ten single parents say they have had to borrow money to pay for the basics in the last six months. This is a significant increase from last year, according to the survey.

In addition, nearly one in two lone parents and one in three low-income cohabiting parents say they have not been able to afford nutritious food every day of the week. One in five single parents cannot always afford to eat well. At the same time, around one in two lone parents and more than three in ten cohabiting parents have struggled to pay for their children’s leisure activities.

The need for effective family policies

– We know that lone parents on low incomes find it particularly difficult to make ends meet. In Save the Children’s activities, we meet single mothers who tell us how difficult it is to manage life on a low income. We need an economic family policy that works, where child benefits follow the cost trend and are increased, said Åsa Regnér, Secretary General of Save the Children, in a press release.

The survey was based on interviews with families with children under the age of 18. The main target groups were single people with an income of less than SEK 29,500 per month and couples with an income of less than SEK 42,000 per month, as well as a control group corresponding to families with children regardless of household income.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/swedish-government-unemployment-will-continue-to-rise/

Economy

Swedish government: “Unemployment will continue to rise”

The destruction of the European economy

Published 12 February 2024

– By Editorial Staff

Photo: facsimile/Government

Minister for employment and integration Johan Pehrson at Tuesday's press conference.

Employment fell in the fourth quarter of last year, while unemployment rose to 8.0%. The number of bankruptcies is also at a record high.

Statistics Sweden’s (Statiska centralbyråns) latest labor force survey shows that unemployment has risen to 8.0 percent, seasonally adjusted, from 7.5 percent in 2022. The government forecasts that it will reach 8.5% in 2025, which is 40,000 more unemployed than in 2023.

– Despite the relatively weak economy, many employers are looking for qualified people to hire. If you lose your job, you should be prepared to relocate or train. Some parts of the country are crying out for workers while unemployment is rising. It doesn’t make sense, says employment and integration minister Johan Pehrson at a press conference.

Unemployment is highest among the foreign-born, who already had significantly higher unemployment rates before the recession.

Employment in the Swedish labor market also fell in the fourth quarter, and the government predicts that it will continue to do so throughout the year. At the same time, the number of bankruptcies is at a record high and will reach its highest level since the 1990s in 2023.

Editorial Staff
editorial@nordictimes.com

Polaris of Enlightenment

Polaris of Enlightenment