(RTTNews) – Sweden’s economic confidence continued to improve in June, data from the National Institute of Economic Research showed on Wednesday.

The economic tendency indicator rose to 75.2 in June from 64.4 in May. The confidence index increased for the second month.

“One of the effects of the COVID-19 pandemic was a sharp fall in firms’ sales,” the think tank said.

“This means that positive signals from firms should be interpreted with care, as the improvement is from extremely low levels.”

The consumer confidence increased to 84.0 in June from 77.7 in the prior month. This was still at very low level.

The manufacturing industry rose to 89.1 in June from 76.4 in the preceding month, which was due to a sharp upward revision of production plans for the next three months.

The retail trade confidence index increased 8 points to 85.0 in June from 76.7 in the previous month.

The measure of construction morale rose slightly to 89.9 in June from 89.0 in the prior month. The expectations for orders remained low.