Swedish Economy Recovers, Industrial Output Contracts

(RTTNews) - Sweden's economy expanded in October after contracting in the previous two months, driven by strong net exports, data from Statistics Sweden showed on Friday.                                                                                                        Separate official data showed that industrial production decreased at the start of the final quarter.

Gross domestic product advanced 1.2 percent month-on-month in October, reversing a 0.5 percent fall in September.

"The largest contribution to the uptick came from strong figures for net exports concerning goods, with smaller increases in some other aggregates such as consumption among households and the general government," Melker Loberg, economist at Statistics Sweden, said.

On a yearly basis, GDP rose 0.2 percent in October, reversing a 3.2 percent decline in the previous month.

Another report showed that industrial production fell 1.1 percent annually in October after remaining flat in the prior month.

Production in services contracted 2.4 percent from last year, while the output produced in the utility sector grew by 3.6 percent.

Data showed that construction output fell 4.6 percent annually in October, slower than the 9.6 percent plunge a month ago.