The National Institute of Economic Research (NIER) said on Thursday that its Economic Tendency Indicator fell for a fourth consecutive month, from 96.4 in July to 94.9 in August. The main reason for the decrease was a further decline in manufacturing confidence, which has dropped more than 25 points in the past year.
The indicator is now at its lowest level since shortly after the 2010-2012 eurozone debt crisis, comments business daily Dagens Industri. Now, as then, Sweden’s export-reliant economy is burdened by world events, which in turn is likely to make life harder for the central bank, the Riksbank. Plans to raise the benchmark repo rate at the end of the year could be dashed and a further cut in interest rates is becoming more likely.
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