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Financial News: Sweden Industrial Production Growth At 18-Month High

Sweden Industrial Production Growth At 18-Month High

07/05/2017 - 07:23:00 (RTTNews)

(RTTNews) - Sweden's industrial production increased at the fastest pace in one-and-a-half years in May, preliminary figures from Statistics Sweden showed Wednesday.

Industrial production climbed 8.0 percent year-over-year in May, much faster than the 0.4 percent slight rise in April. That was also well above the 5.0 percent gain economists had expected.

Moreover, the latest rate of growth was the sharpest since November 2015, when production had risen 8.7 percent.

Mining and quarrying output surged 15.5 percent annually in May and manufacturing production expanded by 7.7 percent.

Month-on-month, industrial production rebounded a seasonally adjusted 2.1 percent from April, when it fell by 1.3 percent. It was expected to climb by 1.0 percent.

Another report from the statistical office showed that orders for industry rose at a faster rate of 7.6 percent yearly in May, following a 5.3 percent gain in April. However, it was slower than the 7.8 percent spike expected by economists.

Monthly, orders increased 1.0 percent in May, reversing a 3.4 percent decline in the prior month.

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