Sweden business sentiment highest since August 2022

An indicator of business confidence in Sweden has risen to its highest level since August 2022 in November, data by the National Institute of Economic Research showed.

The business confidence gauge came in at a reading of 98.3 in November, while improving from a revised up 95.2 in October.

Yet, the indicator has remained below the historical average of 100, as businesses across all sectors of the economy continue to grapple with weak demand.

Businesses continued to report shrinking staff numbers in November. Still, the rate of workforce contraction has been slower compared to a month ago. The corresponding sub-index came in at -6 in November, up from -9 in October.

In the meantime, businesses’ expectations for sales price developments over the upcoming three months have remained without change, with the respective gauge at 13, or near a historical average of 12.

The Swedish Krona was 0.32% weaker on the day against the US Dollar, with the USD/SEK currency pair last trading at 10.9283.