Sweden Economic Sentiment Weakens Unexpectedly In August

(RTTNews) - Sweden's economic sentiment decreased unexpectedly in August, mainly due to weaker confidence in the manufacturing industry, data from the National Institute of Economic Research showed Thursday.

The economic tendency indicator dropped to 100.0 in August from 102.3 in the previous month. Meanwhile, it was expected to climb to 102.6.

The confidence indicator for the manufacturing industry worsened to 97.7 in August from 102.9 a month ago. Economists had expected the index to fall to 102.7.

Manufacturers report relatively good growth in domestic orders over the past three months, but a decline in export orders, especially in the electronics and automotive industries, the NIER said.

The consumer confidence indicator also fell to 93.9 in August from 95.2 in July. The expected reading for the month was 96.9.

The index measuring confidence in the retail sector slid to 103.7 from 104.9.

At the same time, firms in the service sector report relatively strong growth in the demand over the past three months. The morale for the sector improved to 104.6 in August from 103.6 in the preceding month.