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Financial News: Sweden Economic Confidence At 20-Month Low

Sweden Economic Confidence At 20-Month Low

08/30/2022 - 07:37:00 (RTTNews)

(RTTNews) - Sweden's economic confidence deteriorated to the lowest level in more than one-and-a-half years in August, survey results published by the National Institute of Economic Research showed on Tuesday.

The economic tendency index dropped to 97.5 in August from 101.4 in the previous month.

This was the lowest score since December 2020, when it was 94.6.

Further, the index remained below the historical average for the first time since January last year.

The manufacturing confidence indicator lost 3.0 points from July to 116.4 in August, as manufacturers were less optimistic about future production.

The confidence indicator for the service sector plunged 6.3 points to 98.4, while the morale for the construction sector improved somewhat from 107.1 to 107.9.

Data also showed that the consumer confidence indicator rose marginally to 56.3 in August from 56.1 in July. Nonetheless, the indicator still remained at its record low levels.

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