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Financial News: Sweden Industrial Output Growth Improves Less Than Forecas

Sweden Industrial Output Growth Improves Less Than Forecast

10/05/2017 - 03:57:00 (RTTNews)

(RTTNews) - Sweden's industrial production growth accelerated at a slower-than-expected pace in August, figures from Statistics Sweden showed Thursday.

Industrial production expanded a calendar-adjusted 7.3 percent year-over-year in August, faster than the 5.3 percent gain in July. Economists had expected the growth to improve notably to 10.0 percent.

The measure has been rising since September 2016.

Manufacturing production grew 7.4 percent annually in August and mining and quarrying output advanced by 8.4 percent.

Month-on-month, industrial production dropped a seasonally adjusted 1.7 percent from July, when it slid by 1.1 percent. That was well above the 0.3 percent drop economists had expected.

Another report from the statistical office showed that orders for industry rose at a faster rate of 6.3 percent yearly in August, following a 1.3 percent increase in the prior month.

Monthly, orders fell 1.8 percent in August, reversing a 1.8 percent rise in July.

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