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Financial News: Sweden Services Growth Strengthens In January

Sweden Services Growth Strengthens In January

02/03/2021 - 05:59:00 (RTTNews)

(RTTNews) - The Swedish service sector expansion accelerated further in January, partly on hopes that the coronavirus vaccine roll out will help to boost activity. The purchasing manager's index for the services sector rose to 59.3 from a revised 56.9 in December, survey data from the Swedbank and the logistics association Silf showed Wednesday.

A reading above 50 suggests growth in the sector and the score signaled growth for an eighth month in a row.

The PMI reading was above its historical average of 55.4 for the fourth successive month. The outcome shows a robust service economy probably supported by service companies with close links to the industry, but also increased expectations that the corona vaccine will lift the service economy, Swedbank analyst Jorgen Kennemar said.

The composite PMI climbed to 60.2 in January from 59.1 in December, marking its highest level since June 2018. The business confidence has strengthened at the beginning of 2021 and businesses at the same time are showing resilience against the increased spread of infection and the authorities' stricter restrictions, even though the danger is not over, Kennemar added.

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