Swedish Economic Confidence Weakens In June

(RTTNews) - Sweden's economic confidence decreased in June to the lowest level in more than a year, survey results published by the National Institute of Economic Research showed on Thursday.

The economic tendency index dropped to 92.8 in June from 94.5 in the previous month. This was the lowest score since March 2024, when it was also the same 92.8.

The sentiment weakened across all sectors, with the service sector contributing most to the decline, the NIER said. 

The index measuring confidence in the service sector declined to 92.9 in June from 95.5 in May. Service firms are more negative than usual, both regarding demand developments over the past three months and their expectations for future demand.

The morale for the manufacturing sector dropped to 99.3 from 99.3, though it remained closer to the historical average.

There was also a fall in confidence in construction, which worsened to 98.9 from 100.6. The confidence indicator for the trade sector dropped sharply to 96.3 from 103.7.

The survey showed that the consumer confidence index improved to 84.6 in June from 83.6 in May. The increase in June can be attributed to a less pessimistic outlook on Sweden's economy. However, a reading below 100 indicates pessimism among households.