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Financial News: Sweden's Economic Confidence At 14-Month Low

Sweden's Economic Confidence At 14-Month Low

05/29/2018 - 03:22:00 (RTTNews)

(RTTNews) - Sweden's economic confidence deteriorated to a 14-month low in May, survey results published by the National Institute of Economic Research showed Tuesday.

The economic tendency indicator dropped to 108.8 in May from 110.4 in April. This was the weakest reading since March 2017, when it was 108.2. Nonetheless, the think tank said the index signaled much brighter sentiment than normal in the economy.

The confidence indicator for the manufacturing industry continued to show a very strong situation despite falling slightly in May. The corresponding index came in at 118.6, down from 120.2 in the previous month.

The confidence indicator for the building and civil engineering industry plummeted 8 points to 104.3 in May, the lowest for almost three years.

Meanwhile, the confidence indicator for the retail trade climbed 1.9 points to 102.6 in May.

The confidence indicator for the service sector dropped slightly to 101.3 in May from 101.5. The index still suggested to a slightly stronger situation than normal.

The consumer confidence indicator fell for a sixth successive month to a level below the historical average. The index declined to 98.5 from 100.5 a month ago.

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