Swedish industrial production unexpectedly stalled in April as the European debt crisis saps export demand in the largest Nordic economy.
Industrial production was unchanged in April, and output growth for March was revised down to 0.2 percent, Stockholm-based Statistics Sweden said today. Production was estimated to rise 0.6 percent, according to the median forecast in a Bloomberg survey. Output fell an annual 6.2 percent.
Swedish manufacturing shrank for the first time since December last month, a survey indicated, as spending cuts by European governments hamper demand for exports, which make up about half of the country’s output. Economic growth will slow to 0.6 percent this year from 3.9 percent in 2011, the Organization for Economic Cooperation and Development predicted last month.
Industrial orders fell a monthly 1.6 percent and plunged an annual 9 percent in January, Statistics Sweden also said today.