STOCKHOLM, Aug. 22 (Xinhua) -- Swedish Prime Minister Stefan Lofven said on Sunday that he will step down in November as party leader and prime minister.

The unexpected announcement by the leader of the Social Democratic Party was made during his annual summer speech.

"I have been party chairman for ten years, and prime minister for seven," he was quoted by local media as saying, adding: "But everything has an end, and I want to give my successor the very best conditions."

In July, Lofven became prime minister for the third consecutive term shortly after becoming the first Swedish prime minister 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. Enditem