I don’t know what the impact of higher interest rates will be, but according to Nordea one impact is that Swedish households have gone from net borrowing 15 billion SEK per month to actually amortizing more than they are borrowing. For the first time in 21 years. On an annual basis this means ca 180 billion SEK less in consumption/investments. In addition higher interest rates will take another few hundred billion SEK away from consumption/investments, in an economy with ca 6000 billion SEK. That Swedish GDP shrank 0.9 % in Q4’22 is no surprise, even if filled lunch restaurants around Stureplan is a bit surprising.