Sweden’s economic sentiment worsened unexpectedly in November, survey results published by the National Institute of Economic Research revealed Wednesday.
The economic tendency indicator fell to 106.5 in November from 108.4 in the previous month, which was revised from 108.3. Economists had expected the index to climb to 108.5.
The decline was due partly to firms being less positive about their order books and partly to a slight downward revision of their production plans for the next three months, while their assessment of stocks of finished goods improved, the agency said.
The index measuring confidence in the manufacturing sector declined notably to 107.6 in November from 112.0 in October. The index was forecast to fall to 111.9.
The consumer confidence indicator also worsened to 95.8 in November from 98.8 a month earlier. The expected score was 98.
At the same time, the confidence indicator for the building and civil engineering industry improved in November. The morale for retail trade and private sector also gained during the month.
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