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Sweden Economic Confidence Weakens In March

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Sweden’s economic confidence weakened in March, though remains stronger than normal, while consumer morale deteriorated to its lowest level since the global financial crisis on concerns over the impact of the Russia-Ukraine war, data from the National Institute of Economic Research showed on Wednesday.

The economic tendency indicator fell 2.8 points to 110.3 in March from 113.1 in February.

The headline index was dragged down mainly by the consumer confidence index that decreased 15.5 points to 73.5 in March from 88.9 in the previous month. This was the lowest since 2009.

The manufacturing industry confidence index rose to 125.0 in March from 124.3 in the preceding month.

The retail trade confidence index weakened sharply to 111.3 in March from 119.5 in the previous month.

The measure of construction morale weakened 0.7 points in March, but remained in a stronger than normal situation.

The services confidence rose 1.4 point to 108.3 in March.

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