Sweden’s industrial production decreased at a faster-than-expected pace in October, after rising in the previous two months, preliminary figures from Statistics Sweden showed Friday.
Industrial production fell a seasonally adjusted 1.1 percent month-over-month in October, reversing a 2.0 percent decline in September. Economists had expected a 0.8 percent drop for the month.
Production in the manufacturing sector dipped 0.9 percent in October, while mining and quarrying output grew by 4.4 percent.
On an annual basis, industrial production climbed 4.0 percent in October, in line with expectations, but slower than previous month’s 6.5 percent gain. However, it was the third successive monthly rise.
In a separate report, the statistical office announced that industrial orders plunged 19.2 percent monthly in October, in contrast to a 22.9 percent climb in the preceding month. It was the first fall in three months.
Annually, industrial orders increased 3.5 percent in October, much slower than the 31.3 percent surge in September.
The material has been provided by InstaForex Company – www.instaforex.com