Swedish Economy Rebounds In August, Industrial Output Falls Further

(RTTNews) - Sweden's economy rebounded strongly in August on the back of increased production in service-producing industries and growing household consumption, data from Statistics Sweden showed on Thursday.

Separate official data showed that industrial production decreased for the fifth successive month.

Gross domestic product advanced 1.1 percent month-on-month in August, reversing a 0.9 percent fall in the previous month.

"Sweden's gross domestic product grew in August, partly driven by increased production in service-producing industries and growing household consumption," Neda Shahbazi, economist at Statistics Sweden, said.

On a yearly basis, GDP expanded 0.7 percent in August, in contrast to a 1.1 percent fall in the previous month.

Another report showed that industrial production declined 3.2 percent annually in August, faster than the 2.0 percent drop a month ago.

The industry for basic metals was the industry with the largest negative development among the largest manufacturing industries, with a decrease of 15.2 percent.

Meanwhile, production in construction recovered 1.1 percent from last year, and the output produced in the service sector grew by 2.0 percent. The output produced in the utility sector was 7.7 percent higher.