Bloomberg News

Swedish Consumer and Business Confidence Climb as Rebound Seen

June 19, 2013

Swedish business and consumer confidence improved in June as optimism grew over a revival in the largest Nordic economy.

The consumer confidence index, according to a new calculation, rose to 98.2 from 97.7 the previous month, the Stockholm-based National Institute of Economic Research said today. A manufacturing confidence index rose to 94.3 from 90.3.

Sweden’s central bank at its last meeting in April delayed plans for its next interest rate increase until late next year after cutting its inflation forecasts. It kept its main lending rate at 1 percent for a second meeting, in part as concerns over record-high household debt limited the scope for more cuts.

Swedish economic growth will pick up to 1.5 percent this year and 2.4 percent in 2014 from 0.8 percent in 2012, the Swedish National Debt Office predicted yesterday.

The NIER today released new indexes for the confidence measures. Based on the old index, consumer confidence climbed less than estimated. The index rose to 4.3, compared with a median estimate of 4.5 in a Bloomberg survey of nine analysts.

To contact the reporter on this story: Johan Carlstrom in Stockholm at jcarlstrom@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman in Oslo at jbergman@bloomberg.net


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