Sweden’s industrial production increased at a faster-than-expected pace in August, while orders showed no variations. preliminary figures from Statistics Sweden showed Monday.
Industrial production grew notably by a seasonally adjusted 4.7 percent month-over-month in August, reversing a 4.0 percent decrease in July, revised from a 3.0 percent decline. Economists had expected only a 1.0 percent rise for the month.
Manufacturing production expanded 4.5 percent monthly in August and that for mining and quarrying climbed by 1.1 percent.
Annually, industrial production rose a calendar-adjusted 3.8 percent in August, much faster than economists’ expectations for 0.5 percent gain. In July, production had fallen 2.0 percent.
Industrial orders remained unchanged in August, following a 0.4 percent drop in the preceding month, which was revised down from a flat reading.
Domestic market orders went up 1.2 percent monthly in August, while orders in the foreign market dropped by 0.8 percent.
On a yearly basis, industrial orders increased at a slower pace of 9.4 percent in August, following a 10.6 percent growth in July. Orders increased on both the domestic and export by 14.2 percent and 5.1 percent, respectively.
The material has been provided by InstaForex Company – www.instaforex.com