Sweden Industrial Production Rises For Second Month


Sweden’s industrial production expanded for the second straight month in August, though at a slower pace than in the previous month, data from Statistics Sweden showed on Thursday.

Industrial production climbed a calendar-adjusted 2.1 percent year-over-year in August, well below the 7.3 percent rebound in July.

The latest upward trend was driven primarily by the chemical and pharmaceutical industry, which grew 25.6 percent from the previous year.

Services growth, excluding financial and insurance services, rose 4.6 percent in August, following a 4.3 percent increase in July.

Meanwhile, construction output rebounded 4.6 percent annually in August, after falling 4.0 percent in the prior month.

Separate data from the statistical office showed that industrial orders dropped 0.6 percent annually in July, in contrast to a revised 4.2 percent rise in the previous month, which was the first increase in three months.

Domestic demand fell 7.4 percent, while foreign orders increased 4.4 percent.

On a monthly basis, industrial orders declined a seasonally adjusted 4.2 percent in August.

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