Swedish economy grinds to halt says statistics body
Sweden’s National Institute of Economic Research (Konjunkturinstitutet) has reported that growth in the country fell again last month as activity in construction and private sector services fell sharply.
The Institute’s Economic Tendency Indicator dropped two points through the July period used by the research body, suggesting that “growth in the Swedish economy is currently weaker than normal”.
Construction activity continued its rapid contraction, which has seen it shed 30 points on the index since April this year. It fell seven points in July alone. “Firms’ expectations indicate no early improvement in the situation,” the Institute said.
Private sector services fell by 12 points in July, putting this part of the Indicator down 20 points below the historical average.
Domestic orders in the manufacturing sector fell too. The one bright spot was a rise in the Consumer Confidence indicator, which was up 2.5 points in July, and remains just above the historical average.