Swedish GDP, Industrial Output Contracts In February

(RTTNews) - Swedish economy and industrial production shrank for the second straight month in February, separate reports from Statistics Sweden showed on Thursday.

Gross domestic product dropped 1.5 percent month-on-month in February, reversing a 0.4 percent fall in January.

"Swedish economic activity declined in February with lower production in service-producing industries and general government," Mattias Kain Wyatt, economist at Statistics Sweden, said.

On a yearly basis, GDP decreased 0.3 percent in February, in contrast to the 2.2 percent rise in the previous month.

Data showed that household consumption increased 1.1 percent monthly and by 2.3 percent annually in February.

Another report showed that industrial production declined 0.7 percent annually in February, slower than the 2.0 percent decrease a month ago.

Of the largest manufacturing industries, the industry for motor vehicles, trailers, and semi-trailers showed a sharp contraction of 25.4 percent.

Production in construction also declined 1.2 percent from last year, and the output produced in the utility sector slid by 3.5 percent. On the other hand, the services segment showed a growth of 1.2 percent.