Deep economic problems in Sweden
A number of indicators for the Swedish economy tells a tale of a national economy that faces severe challenges. The Swedish Consumer Confidence is at its lowest lowest for over 15 years, a new report from the National Institute of Economic Research (KI) shows.
Also, the earninigs of one of Swedens leading banks, Nordea , are tumbling. For the April to June quarter, Nordea, the largest bank in the Nordic region, reported a 15 percent drop in net profits to 693 million euros ($1.1 billion) from 816 million a year earlier.
“Signs of slowing international economic growth particularly in the United States and in large parts of Europe, are becoming increasingly apparent,” the group said in its statement. The Nordic economies have so far been relatively resilient in the face of the international slowdown, but the uncertainty has gradually increased.”
The Macro Consumer Confidence Index, which measures consumer confidence in the Swedish economy, continued its decline in July and is currently at its lowest level for 15 years. 57 percent of households held the opinion that the Swedish economy has deteriorated over the last 12 months, up from 43 percent in June.
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