Sweden Economic Sentiment October 2022

Sweden

Sweden: Economic sentiment plunges to over two-year low in October

October 27, 2022

The economic tendency indicator (ETI) deteriorated once again in October, coming in at 84.6, down from September’s 90.8. October’s result marked the weakest sentiment in since July 2020. As such, the index moved further below the 100-point threshold. Readings above 100 indicate stronger economic growth than normal, while readings below 100 indicate weaker economic growth than normal.

The fall came on the back of a deterioration in the manufacturing and retail subsectors confidence indicators, as well as in construction and the services subsectors. Meanwhile, the business confidence subsector indicator dropped to 89.0 in October, down from September’s 95.8. October’s reading was the weakest sentiment since July 2017. Similarly, the consumer confidence sub-indicator plunged to 48.3 in October, down from the prior month’s 52.1. The reading marked the lowest sentiment since January 1993.

FocusEconomics Consensus Forecast panelists see fixed investment increasing 0.8% in 2023, down 0.8 percentage points from last month’s forecast, and 1.7% in 2024. Panelists see private consumption growing 0.1% in 2023, which is down 0.5 percentage points from last month’s forecast, and 1.7% in 2024.


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Sweden Economic Sentiment October 2022

Note: Economic Tendency Survey Indicator.
Source: National Institute of Economic Research (NIER).


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