Financial News: Sweden's Economic Confidence Improves In February

Sweden's Economic Confidence Improves In February

02/24/2023 - 09:48:00 (RTTNews)

(RTTNews) - Sweden's economic confidence rose for the first time in nine months in February, survey results published by the National Institute of Economic Research showed on Friday.

The economic tendency index rose to 85.7 in February from 83.3 in the previous month.

Among sectors, the manufacturing confidence indicator strengthened to 102.2 from 100.4. This was also the first increase since June 2022.

The rise was attributed to smaller inventories and stronger order backlog assessments by the manufacturing companies.

The service sector confidence index rose by 3.0 points to 89.5 in February, reflecting a less negative view of future demand development and the recent improvement in companies' operations.

Meanwhile, the confidence indicator for construction activities decreased to 94.5. Despite a decrease in mood among construction workers, the industry is still doing well.

The confidence indicator for the retail sector dropped slightly to 77.9 from 78.6.

Data also showed that the consumer confidence indicator improved to 59.9 in February from 57.7 in January. Nonetheless, the reading still showed weak sentiment.

Consumers were less pessimistic regarding their personal financial situation in the next twelve months.

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