Sweden’s manufacturing growth slowed more-than-expected in February to its lowest level in one-and-a-half years, mainly driven by a slump in new orders, survey data from Swedbank and the purchasing managers’ lobby SILF showed Tuesday.
The purchasing managers’ index for the manufacturing sector fell to 51.7 from January’s 55.4. Economists had forecast a modest decline to 55.
The latest reading was the lowest since August 2014, the report said.
While declines were seen across the board, the biggest negative contribution came from the sub-index of new orders. Orders fell for the first time since 2013.
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