Sweden Economic Confidence At 9-Month High

(RTTNews) - Sweden's economic confidence strengthened for the second straight month in June amid stronger confidence in the retail and services sectors, survey results published by the National Institute of Economic Research showed on Thursday.

The economic tendency index rose somewhat to 90.3 in June from 89.3 in the previous month.

Further, this was the highest score since September 2022, when it was 92.8.

The service sector's confidence climbed to 92.4 from 90.4. Both the companies' views of the last three months' demand and the development of the company's operations contributed to the rise.

The retail sector confidence index rose by 1.0 points to 87.2 in June.

Meanwhile, the manufacturing confidence indicator remained largely unchanged in June, with the index falling slightly to 102.3 from 102.4.

Data showed that the index measuring confidence in the construction sector dropped notably to 96.8 in June from 100.3 a month ago.

The consumer confidence indicator improved to a 1-year high of 71.7 in June from 70.3 in May. Economists had expected the index to increase to 78.2.

The increase in consumer confidence was mostly explained by households' less pessimistic views for their own finances in the coming year.