Sweden: Economic sentiment records worst reading since December 2020 in August
The economic tendency indicator (ETI) came in at 97.5 in August, down from July’s 101.4. August’s result marked the weakest sentiment since December 2020. As a result, the index fell 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 subsector confidence indicator. Meanwhile, the business confidence subsector indicator dropped to 102.4 in August, down from July’s 107.7. Conversely, the consumer confidence sub-indicator inched up to 56.3 in august, up from the prior month’s nearly three-decade low of 56.1.