Sweden: Economic sentiment deteriorates further in January
The economic tendency indicator (ETI) deteriorated for an eighth consecutive month in January, coming in at 82.3, down from Decembers 85.0. Januarys result marked the weakest sentiment since June 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, services and construction subsectors confidence indicators. These more than offset improved sentiment in the retail subsector.
Meanwhile, the business confidence subsector indicator dropped to 86.3 in January, down from Decembers 88.0. Conversely, the consumer confidence sub-indicator rose to 56.3 in January, up from the prior months 55.4.