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SWEDEN
MNI (London)
SWEDEN APR ECONOMIC TENDENCY SURVEY 87.3; MAR 88.4r
- The Swedish Economic Tendency Indicator softened by 0.9 points to 87.3 in April, as business sentiment weakened across all but construction.
- Consumer confidence recorded a 1.3-point uptick to 65.1, as personal finance and Swedish economic expectations improved. This was the a fourth consecutive month of improvement, yet the indicator remains severely downtrodden, implying soft spending for the time being.
- Manufacturing sentiment edged down in April, despite remaining above average, whilst retail trade confidence dipped further into pessimistic territory.
- Service sector confidence slowed, citing weak demand and continued labour shortages.
- On the inflation front positive indications of cooling CPI were evident, with retail selling price intentions markedly reduced.
- This follows the Riksbank's widely anticipated 50 basis point hike yesterday, lifting the policy rate to 3.5% although its forecasts and commentary suggested that it was nearly at peak, with one more 25 bps hike likely either in June or September.
- As reiiterated by the Economic Tendency Survey, Swedish growth outlooks remain muted. The Riksbank is now looking for a softer -0.7% 2023 contraction, whilst downgrading 2024 GDP to almost stagnant at +0.2%.
Swedish Economic Tendency Indicators:
Source: Sweden Konjunktur Institutet / NIER
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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