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Sweden Economic Confidence At 25-Month Low

Sweden's economic confidence weakened for the fourth successive month in September to reach its lowest level in more than two years, survey results published by the National Institute of Economic Research showed on Wednesday.

The economic tendency index dropped notably to 90.8 in September from 97.2 in the previous month.

This was the lowest score since August 2020, when it was 87.1.

The manufacturing confidence indicator fell to 110 in September from 115.7 in August.

The confidence indicator for the service sector lost 2.9 points to 95.2, and the morale for the construction sector dropped to 105.7 from 107.6.

Data also showed that the consumer confidence indicator weakened sharply to 49.7 in September from 57.8 in August.

According to the NIER, headline inflation is expected to average 7.7 percent this year and 4.6 percent in 2023, both higher than expected in August. That was well above the central bank's target of 2.0 percent.

The forecast also indicated that gross domestic product is likely to contract by 0.1 percent in 2023 following this year's growth of 2.7 percent.

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