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Financial News: Swedish Services Growth Remains Strong

Swedish Services Growth Remains Strong

05/04/2022 - 10:27:00 (RTTNews)

(RTTNews) - Sweden's services sector growth improved at a level higher than historical average in April, survey data from Swedbank and the logistics association Silf showed on Wednesday.

The purchasing managers' index for the services sector rose to 68.1 in April from 62.9 in March. Any reading above 50 indicates expansion in the sector.

"Rapid cost increases and supply disruptions have so far not prevented the service sector from expanding while business plans remain expansionary and suggest a positive view of the growth prospects even though the downside risks have increased," Swedbank analyst Jorgen Kennemar said.

All the sub indexes increased in April. The largest growth came from business volume, employment, order intake and delivery times, which rose to the second highest in the index history.

The index for suppliers' input goods prices decreased in April, but remained at a historically higher level.

The composite PMI, which combines manufacturing and services, increased 3.2 index units to 64.4 in April.

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