Sweden: Economic sentiment deteriorates slightly in July
The economic tendency indicator (ETI) dropped to a six-month low of 87.5 in July, down from the previous month’s 89.9. 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 downtick chiefly reflected deteriorating sentiment in the services and building construction sectors. Moreover, sentiment in the manufacturing industry fell below the 100-point threshold in July. These developments more than offset improving sentiment in the retail sector.
Meanwhile, the business confidence subsector indicator fell to 90.5 in July, down from June’s 91.5. Conversely, the consumer confidence sub-indicator rose to 72.3 in July, up from the prior month’s 71.8. June’s reading was the strongest sentiment since June 2022.