Sweden: Economic sentiment continues to deteriorate in November
The economic tendency indicator (ETI) deteriorated for a sixth consecutive month in November, coming in at 84.5, marginally down from Octobers 84.8. Novembers result, which reflected a smaller drop then the previous months declines, marked the weakest sentiment 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, services and construction subsectors confidence indicators. More positively, sentiment in the retail subsector sentiment improved marginally.
Meanwhile, the business confidence subsector indicator dropped to 86.1 in November, down from Octobers 89.2. Conversely, the consumer confidence sub-indicator rose to 55.8, up from the prior months near series low of 50.2.