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Financial News: Sweden Industrial Production Falls Slightly In March

Sweden Industrial Production Falls Slightly In March

05/10/2023 - 07:33:00 (RTTNews)

(RTTNews) - Sweden's industrial production declined for the first time in four months in March, though marginally, data from Statistics Sweden showed on Wednesday.

Industrial production dropped a calendar-adjusted 0.1 percent year-over-year in March, reversing a 4.9 percent rise in February.

The latest downward trend was driven primarily by the paper and pulp industry, which fell 11.4 percent from the previous year.

Services growth, excluding financial and insurance services, rose 0.7 percent in March, following a 1.5 percent increase in February.

Meanwhile, construction output rebounded 1.2 percent annually in March, after a 1.4 percent fall in the previous month.

Separate data from the statistical office showed that industrial orders fell 9.3 percent annually in March, after a 4.7 percent fall in the previous month.

On a monthly basis, industrial orders slid a seasonally adjusted 1.0 percent at the end of the first quarter.

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