Financial News: Sweden GDP, Industrial Production Expands In January

Sweden GDP, Industrial Production Expands In January

03/09/2023 - 06:49:00 (RTTNews)

(RTTNews) - Sweden's economy expanded in January after contracting in the prior three months, boosted by growth in household consumption and exports along with rising general government production, data from Statistics Sweden showed on Thursday.

Separate official data showed that industrial production advanced for the second straight month in January.

Gross domestic product rose 2.0 percent monthly in January, reversing a 0.7 percent fall in December.

"Swedish economic activity bounced up in January with growth in both exports of goods and household consumption happening in parallel with increasing general government production," Neda Shahbazi, an economist at Statistics Sweden, said.

On a yearly basis, the economy recovered strongly by 3.6 percent in January, following a 1.5 percent fall in the previous month.

Another report showed that industrial production grew 3.5 percent annually in January, well above the 0.8 percent rebound seen in December.

The upturn was largely driven by a 7.0 percent surge in mining and quarrying output. This was followed by a 3.4 percent rise in manufacturing production.

There was a 5.5 percent growth logged in construction output in January compared to last year, recovering from a 1.4 percent fall observed in December.

Data also showed that total industrial orders slid 10.5 percent annually in January, in contrast to a 22.7 percent jump in the preceding month. Monthly, orders plunged 20.2 percent.

Official data showed that household spending in Sweden rose 0.5 percent year-over-year in January, reversing a 1.8 percent fall in the prior month.

The increase at the start of the year was largely attributed to a 24.8 percent surge in spending on restaurants, cafes, hotels, and other accommodation services sectors.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

China Industrial Profits Fall Sharply (52 min(s), 28 sec(s) ago)
(RTTNews) - The decline in China's industrial profits deepened in the first two months of 2023 ...Full Story»

Japan Leading Index Falls Less Than Estimated (01 hr(s), 0 min(s),28 sec(s) ago)
(RTTNews) - Japan's leading index decreased slightly less than initially estimated in January, ...Full Story»

European Economic News Preview: Germany Ifo Business Confidence Data Due (01 hr(s), 35 min(s), 28 sec(s) ago)
(RTTNews) - Business confidence from Germany and monetary aggregates from the euro area are the to ...Full Story»

Japan Producer Prices Climb 1.8% On Year In February (46 min(s), 32 sec(s) ago)
(RTTNews) - Producer prices in Japan were up 1.8 percent on year in February, the Bank of Japan sa ...Full Story»

Japan Producer Price Data Due On Monday (29 min(s), 32 sec(s) ago)
(RTTNews) - Japan will on Monday release February figures for producer prices, highlighting a ligh ...Full Story»

Denmark Economic Sentiment Rises Further (14 min(s), 32 sec(s) ago)
(RTTNews) - Denmark's economic sentiment rose for a third month in a row in March, figures fro ...Full Story»

U.S. Durable Goods Orders Unexpectedly Slump As Aircraft Demand Extends Nosedive (46 min(s), 32 sec(s) ago)
(RTTNews) - Reflecting a continued slump in orders for transportation equipment, the Commerce Depa ...Full Story»

Spain Q4 GDP Growth Unrevised At 0.2% (41 min(s), 32 sec(s) ago)
(RTTNews) - Spain's economy expanded at a stable pace as initially estimated in the final quar ...Full Story»