Sweden Economic Confidence Improves For Third Month

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Sweden’s economic confidence improved further in July, data from the National Institute of Economic Research showed on Wednesday.

The economic tendency indicator rose to 83.4 in July from 75.3 in June. The confidence index increased for the third month.

“One of the effects of the COVID-19 pandemic was a sharp fall in firms’ sales,” the think tank said.

“This means that positive signals from firms should be interpreted with care, as the improvement is from extremely low levels.”

The consumer confidence decreased to 83.3 in July from 84.1 in the prior month. The reading remained at a very low level.

The deterioration was largely due to a more negative view of ‘whether now is a good time to make major purchases’, but also to a more negative view of the current state of the Swedish economy.

The manufacturing industry confidence index rose to 95.7 in July from 89.3 in the preceding month, which was due to the improvement in production expectations.

The retail trade confidence index increased 11 points to 96.7 in July from 85.7 in the previous month.

The measure of construction morale rose to 92.6 in July from 89.8 in the prior month, due to stronger expectations for orders.

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