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Financial News: Sweden GDP, Industrial Output Shrinks In November

Sweden GDP, Industrial Output Shrinks In November

01/10/2023 - 08:47:00 (RTTNews)

(RTTNews) - Sweden's economy contracted in November after expanding in the prior two months, primarily due to a slowdown in manufacturing and in several major service producing industries, data from Statistics Sweden showed on Tuesday.

Separate official data showed that industrial production declined for the first time in five months in November.

Gross domestic product fell 0.5 percent monthly in November, reversing a 0.7 percent rise in October.

"The Swedish economy contracted in November with a broad based decline in manufacturing as well as in several major service producing industries," Melker Pettersson Loberg, an economist at Statistics Sweden, said.

On a yearly basis, GDP growth eased to 0.7 percent in November from 2.0 percent in the previous month.

Another report showed that industrial production dropped 0.5 percent annually in November, reversing a 3.4 percent gain in December. Further, it was the first fall since July.

The downturn was largely driven by a 25.3 percent slump in mining and quarrying output. Annual growth in construction production moderated to 0.7 percent from 1.2 percent.

Data also showed that total industrial orders slid 6.8 percent in November from last year, following a 7.3 percent fall in the preceding month. Monthly, orders decreased further by 0.6 percent.

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