Swedish GDP Falls 0.3% In October

(RTTNews) - Sweden's economy contracted for the second straight month in October, while industrial production grew at a slower pace, separate reports from Statistics Sweden showed on Wednesday.

Gross domestic product decreased 0.3 month-on-month in October, following a 0.1 percent fall in the previous month.

"Swedish economic activity contracted slightly in October with lower production in the business sector as well as declining household consumption," Melker Pettersson Loberg, economist at Statistics Sweden, said.

On an annual basis, GDP grew 2.1 percent in October, slower than the 2.8 percent expansion a month ago.

Another report indicated that industrial production advanced 5.9 percent annually in October, though slower than the 14.6 percent growth in the prior month.

Among components, the annual increase in manufacturing moderated to 5.5 percent from 14.6 percent. The growth in mining and quarrying slowed slightly to 13.6 percent from 14.8 percent.

Production in the service sector rose 3.0 percent, and the construction sector grew by 3.6 percent.