Sweden's economy faces 'cloudy outlook': IMF

Economic growth slowed last month as activity in construction and private sector services fell sharply, a government research body said.

Data from Sweden's National Institute of Economic Research (NIER) showed Thursday that the country's economic confidence deteriorated for the fourth consecutive month in July.

The economic tendency index dropped to 96.1 in July from 98.4 in June, marking the fourth deterioration in sentiment in a row, RTT News said.

The institute said in its report that "growth in the Swedish economy is currently weaker than normal".

However, Swedish consumer confidence rose unexpectedly in July, as people became more optimistic about the economy despite the ongoing debt crisis in Europe.

 

Last Updated (Thursday, 26 July 2012 10:14)