Swedish economy on track for 7% contraction this year: Fin Min

Sweden's economy is on track to shrink 7% this year, in line with the government's forecast from its spring budget, Finance Minister Magdalena Andersson said on Tuesday.

"Our best forecast today is negative GDP growth of 7% this year," Andersson told reporters.

The government gave two scenarios in its budget, one of a milder contraction in gross domestic product of around 4% and a more negative outcome of a 10% dip. Andersson said current indicators put Sweden somewhere in the middle of the two.