Swedish Economy Recovers Strongly In November, Industrial Output Grows

(RTTNews) - Sweden's economy rebounded strongly in November on the back of the growth of both goods- and service-producing industries as well as in general government production, data from Statistics Sweden showed on Friday.

Separate official data showed that industrial production expanded for the first time in eight months in November.

Gross domestic product advanced 1.4 percent month-on-month in November, reversing a 0.4 percent fall in the previous month.

"November saw an upturn in economic activity with growth in both goods- and service-producing industries as well as in general government production," Mattias Kain Wyatt, economist at Statistics Sweden, said.

Among services, ICT services contributed the largest growth, while stronger manufacturing and a continued recovery in construction both contributed to the upturn for goods producers.

On a yearly basis, GDP rose 2.1 percent in November, in contrast to a 0.3 percent fall in the previous month.

Another report showed that industrial production climbed 2.6 percent annually in November, reversing a 2.0 percent drop a month ago.

Data showed that the chemical and pharmaceutical industry showed the largest annual increase of 16.2 percent. 

Production in construction also recovered 1.0 percent from last year, and the output produced in the service sector grew by 3.9 percent. Meanwhile, the output produced in the utility sector was 4.9 percent lower compared to last year.