Sweden: Economic sentiment worsens to an over half-decade low in May
The economic tendency indicator fell to 99.8 points in May from April’s revised 102.5 points (previously reported: 102.7 points), representing the lowest reading since April 2015. Values above 100.0 indicate strengthening economic growth, while values below 100.0 indicate weakening growth.
In terms of businesses, there was a large fall in confidence in the manufacturing industry in May. In addition, the construction sector saw confidence dip, primarily due to expectations of a smaller work force. On the other hand, the services sector observed unchanged confidence levels, while sentiment in the retail trade sector climbed for the third month running.
Meanwhile, confidence among consumers fell to the lowest level in more than six years in May due to greater pessimism about their personal finances and abilities to make major purchases.