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Financial News: Sweden Factory Growth Improves More Than Expected

Sweden Factory Growth Improves More Than Expected

04/01/2021 - 03:12:00 (RTTNews)

(RTTNews) - Sweden's manufacturing sector expanded further at a faster than expected pace in March, survey data from Swedbank and the logistics association SILF showed Thursday.

The purchasing managers' index for the manufacturing sector climbed to a three-month high of 63.7 from 61.8 in February. Economists had expected an improvement to 62.5.

A PMI reading above 50 suggests growth in the manufacturing sector.

The score remained above the historical average of 55.4 for the seventh month in a row.

The biggest positive contribution came from the sub-index for order intake. The measure for production plans eased in March, but remained at a markedly high level. The sub-index for input costs climbed to its highest level since 2004.

The PMI reading for the first quarter was the highest since 2010, Swedbank said.

The Swedish manufacturing industry continues to show a high level of activity despite major disruptions in global trade flows and shortages of several inputs but which can come sour afterwards, Swedbank analyst Jorgen Kennemar said.

The latest PMI survey was conducted between March 10-26.

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