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Financial News: Swedish Economic Confidence Rises To 22-Month High

Swedish Economic Confidence Rises To 22-Month High

06/27/2024 - 07:03:00 (RTTNews)

(RTTNews) - Sweden's economic confidence improved in June to the highest level in nearly two years, survey results published by the National Institute of Economic Research showed on Thursday.

The economic tendency index rose to 96.3 in June from 94.1 in the previous month. This was the highest score since August 2022, when it was 99.2.

The latest figure signaled that sentiment is nearing normal levels, the NIER said. 

The index measuring confidence in manufacturing rose by 0.6 points to 99.2 in June amid strong signals from manufacturers of transport equipment.

The morale for the construction segment improved to 97.0 from 95.8, and that for retail trade jumped by 6.0 points to 98.6.

Similarly, there was an increase in confidence in services, which rose to 96.9 from 94.3.

The survey showed that the consumer confidence index increased further to a 28-month high of 93.3 in June from 91.3 in May. However, a reading below 100 indicates pessimism among households.

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