Sweden: Economic sentiment deteriorates to over three-year low in August
The economic tendency indicator (ETI) dropped to an over three-year low of 85.2 in August, down from the previous month’s 87.7. 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 manufacturing, retail and services sectors. Conversely, sentiment in the building construction improved, but remained below the 100-point threshold.
Meanwhile, the business confidence subsector indicator fell to 87.7 in August, down from July’s 90.5, marking a three-year low. Similarly, the consumer confidence sub-indicator retreated to 70.4 in August, below the prior month’s 72.5.