Sweden's economic confidence declined in January to the lowest level in ten months, survey data from the National Institute of Economic Research showed Thursday.
The economic tendency survey index fell to 110.2 in January from 112.0 in December, which was revised down from 112.5. Economists had expected the index to drop to 112.3.
Moreover, the latest score was the lowest since March last year, when it was 108.2.
The decrease was mainly a result of weaker signals from manufacturing and services.
The sub-index for manufacturing sector worsened to 113.8 in January from 116.7 in the preceding month. Meanwhile, it was expected to improve to 117.5.
Similarly, industrial confidence weakened, with the index falling to 107.8 from 109.1.
Data also revealed that the consumer confidence index decreased to 107.2 in January from 107.7 a month earlier. The expected reading was 107.0.