Confidence levels in Sweden continue to be elevated despite falling slightly in February

Confidence in Sweden declined slightly in February, on par with expectations. However, the levels continue to be elevated and support the case for a high economic growth in the near-term. According to the ESI indicator, the current GDP growth is close to 5% y/y.

Confidence in Sweden declined in all business sectors except construction. Manufacturing confidence declined as expected, but the levels continued to be higher as compared with the international surveys for manufacturing sector. Meanwhile, expectation for inflation is at 1.7% in February, as compared with 1.8% in January.