Stockholm, Aug 23 (IANS): Swedish Prime Minister Stefan Lofven said that he will step down in Novemberr.

The unexpected announcement by the leader of the Social Democratic Party was made on Sunday during his annual summer speech, reports xinhua news agency.

"I have been party chairman for 10 years, and Prime Minister for seven," he was quoted by local media as saying,

"But everything has an end, and I want to give my successor the very best conditions," Lofven added.

In July, Lofven became Prime Minister for a third consecutive term shortly after becoming the first Swedish premier to be forced to resign following a no-confidence vote.

Following his unexpected announcement on Sunday, he told Swedish Television that until recently he was set on continuing for the next mandate period and that he only made the decision to step down during the summer.

He said his decision is meant to give his party better chances in the next general election scheduled for September 2022.

It was not yet clear who would replace Lofven.