Pessimism grows about the Swedish economy

The National Institute of Economic Research (KI) reports that the mood toward Sweden’s economy is unusually gloomy.

The institute’s June Economic Tendency Indicator reveals an ever more pessimistic attitude among players in the Swedish economy.

The June indicator, which measures business and consumer confidence, fell to 93.8, a level not seen since 2003, and down from the 97.9 level measured in May.

The business confidence indicator remained below average, showign no significant changes from May to June.

However, the consumer confidence indicator fell a full nine points from May to June, landing at -10.2, reflecting consumer concerns about the direction of the economy and the employment outlook. Swedes are also more worried about their personal finances.