Sweden's economic confidence improved more than economists expected in June, but stayed well below the long-term norms suggesting that growth in the domestic economy is weaker than normal, latest data showed Wednesday.
The headline business tendency indicator climbed to 94.5 in June from 91.8 in May, which was revised down from 91.9, data from a survey by the National Institute of Economic Research revealed. Economists had forecast a more modest rise to 92.8. The index, however, continued to stay below its long-term average.
In the business sector, Swedish manufacturers were less downbeat about their business conditions in June, with the relevant sub-indicator rising to -12 from -15 in the previous month. The index was forecast to rise to -10.
Confidence among Swedish households also recorded a notable improvement during the month. The index advanced to 4.3 from May's 3.6, but was below 4.5 forecast by economists.
The confidence indicator for the building and civil engineering industry was largely unchanged in June, and remained far below the historic average. Meanwhile, the measure of sentiment among retailers gained more than 4 points, and the indicator for the private service sector rose by 1.5 points.
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