Sweden: Economic sentiment plunges to over two-year low in October
The economic tendency indicator (ETI) deteriorated once again in October, coming in at 84.6, down from Septembers 90.8. Octobers 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 Septembers 95.8. Octobers reading was the weakest sentiment since July 2017. Similarly, the consumer confidence sub-indicator plunged to 48.3 in October, down from the prior months 52.1. The reading marked the lowest sentiment since January 1993.