Financial News: Swedish GDP Expands Further, Industrial Output Falls

Swedish GDP Expands Further, Industrial Output Falls

04/10/2024 - 04:23:00 (RTTNews)

(RTTNews) - Sweden's economy grew for the second straight month in February, though slightly, data from Statistics Sweden showed on Wednesday.

Separate official data showed that industrial production decreased in February after recovering from the previous month.

Gross domestic product advanced 0.1 percent month-on-month in February, following a 1.1 percent recovery in the prior month.

"GDP increased slightly in February, explained by, among other factors growth in service producing industries," Mattias Kain Wyatt, economist at Statistics Sweden, said.

"At the same time, economic activity was weighed down by weaker figures for goods producers and general government production."

On a yearly basis, GDP increased 0.3 percent in February, reversing a 0.5 percent fall in the previous month.

Data showed that household consumption decreased by 0.5 percent monthly and by 0.3 percent annually in February.

Another report showed that industrial production declined 1.5 percent annually in February, in contrast to a 0.9 percent rise a month ago.

Output produced in the utility sector expanded 3.0 percent from last year, while service production slid by 3.2 percent.

Construction output fell 4.7 percent annually in February, though slower than the 6.6 percent plunge a month ago.

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