Financial News: Swedish Economy Recovers In May, Industrial Output Falls

Swedish Economy Recovers In May, Industrial Output Falls Further

07/05/2024 - 09:17:00 (RTTNews)

(RTTNews) - Sweden's economy turned positive in May after contracting in the previous two months, data from Statistics Sweden showed on Friday.

Separate official data showed that industrial production decreased for the second straight month.

Gross domestic product rose 0.1 percent month-on-month in May, reversing a 0.7 percent fall in the prior month.

"Household consumption expenditure continued to weaken while lower imports concerning goods held up GDP," Mattias Kain Wyatt, economist at Statistics Sweden, said.

Data showed that household consumption decreased by 0.4 percent monthly and by 0.9 percent annually in May.

On a yearly basis, GDP decreased 0.2 percent compared with a 4.9 percent strong rebound in April.

Another report showed that industrial production declined 2.9 percent annually in May, though slower than the 4.4 percent fall a month ago.

The largest downward contribution came from the machinery industry, which decreased by 12.3 percent, the agency said.

Output produced in the utility sector grew by 4.2 percent from last year, while service production advanced by 1.1 percent.

Construction output fell 7.5 percent annually in May, which was worse than the 4.4 percent drop a month ago.

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