Oct. 10 (Bloomberg) -- Swedish industrial production rebounded in August as the largest Nordic economy showed resilience to slumping demand from Europe.
Industrial production rose an annual 3.2 percent, after contracting a revised 0.9 percent the previous month, Stockholm-based Statistics Sweden said today. It was estimated to rise 1.5 percent, according to the median forecast in a Bloomberg survey of five economists. Output rose a monthly 0.4 percent, compared with a 0.9 percent predicted contraction.
Sweden’s central bank last month cut its benchmark rate for a third time since December to boost economic growth. Sweden gets about half its output from exports, about 70 percent of which go to Europe where countries are cutting spending.
Industrial orders from Swedish companies fell an annual 6.5 percent and decreased a monthly 1.4 percent in August, Statistics Sweden said today.
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