Stockholm, Oct. 27, (DPA-AFX/GNA) - Sweden’s economic confidence deteriorated further in September to the lowest level in more than two years, survey results published by the National Institute of Economic Research showed on Thursday.
The economic tendency index dropped to 84.6 in September from 90.8 in the previous month.
Further, this was the lowest score since July 2020, when it was 84.1.
The retail and services sectors fell the most, but all sectors contributed to the decline in September.
The manufacturing confidence indicator lost 4.5 points from August to 105.1 in September, but remained stronger than normal.
The confidence indicator for retail trade plunged 6.7 points to 74.4.
The sharp fall was attributed to ever more pessimistic expectations for future sales volumes and firms’ assessment of sales in recent months.
Similarly, the morale for the service sector fell 6.5 points to 88.1, and the construction confidence index slid to 103.1 from 105.3.
Data also showed that the consumer confidence indicator also weakened further to 48.3 in September from 52.1 in August.
Consumers remain pessimistic regarding their personal financial situation in the next twelve months.
GNA