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Financial News: Sweden Industrial Production Decline Slows In March

Sweden Industrial Production Decline Slows In March

05/05/2020 - 08:58:00 (RTTNews)

(RTTNews) - Sweden's industrial production decreased at a softer pace in March, data from Statistics Sweden showed on Tuesday.

Industrial production fell 0.1 percent year-on-year in March, following a 0.3 percent decline in February.

Construction output declined 4.9 percent annually in March, while services output fell 2.8 percent.

On month-on-month basis, industrial production decreased 1.0 percent in March, following a 0.4 percent fall in the prior month.

The overall private sector output fell 2.2 percent year-on-year in March and declined 1.8 percent from the previous month.

The largest positive contribution to the total private sector development came from the chemical and pharmaceutical industry in March, the agency said.

Separate data from the statistical office said industrial orders fell a calendar adjusted 2.0 percent annually in March.

Orders received from the domestic market decreased 3.1 percent in March, and those from foreign markets fell 1.0 percent.

On a month-on-month basis, industrial orders dropped a seasonally adjusted 9.6 percent in March.

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