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Swedish economic confidence index recovers slightly in May, GDP likely to fall 10 pct in Q2
Swedish economic confidence rose in the month of May. The Economic Sentiment Indicator (ESI) rose to 64.1 in May from the all-time low in April at 60. Households are indicating some resilience. The consumer sentiment rose to 77.3 in May from April’s 74.2. Furthermore, consumers were less concerned as for the personal risk for unemployment.
Sentiment in the total business sector rose to 58.2, rising 3bp from April. Sentiment rose in all sectors, except for construction, which came in at 89.
Meanwhile, sentiment in manufacturing industry rose as well; however, the overall picture continues to be awful. The index for production dropped further. Plans for employment were less pessimistic but still gloomy. On the other had retailers’ price plans rebounded.
“All in all, sentiment is still depressed, despite the slight improvement in May, illustrating the economic shock. We see GDP down by 10 percent q/q in Q2. However, the worst is probably behind us and households are showing some resilience. Thus, there is hope for a recovery”, noted Nordea Bank in a research report.