2020.01.2910:58:00UTC+00Sweden Economic Confidence Strongest In 7 Months

Sweden's economic confidence strengthened to a seven-month high in January, data from the National Institute of Economic Research showed Wednesday.

The economic tendency indicator rose to 97.1 in January from 93.5 in December. This was the highest reading since June 2019.

The improvement was driven by the manufacturing sector. The corresponding index for manufacturing climbed 7 points to 101.8 on firms' optimistic production plans.

At the same time, the confidence indicator for the building and civil engineering industry was largely unchanged in January, at 102.0.

The confidence indicator for the service sector climbed 2.2 points to 93.2 in January, thanks to a more positive view of demand in recent months and more optimistic expectations for demand in the coming months.

Meanwhile, the confidence indicator for the retail trade fell to 109.4 from 110.2.

Reflecting less optimistic view on future personal finances, the consumer confidence indicator dropped 2.1 points to 92.6 to show even more subdued sentiment than normal.