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Sweden Industrial Output Unexpectedly Plunges as Orders Decline

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July 8 (Bloomberg) -- Sweden’s industrial production unexpectedly fell in May as the euro-area recession saps demand for exports from the largest Nordic economy.

Industrial production fell 2.6 percent in May after declining a revised 1.1 percent the previous month, Stockholm-based Statistics Sweden said today. Production was estimated to rise 0.6 percent, according to the median forecast in a Bloomberg survey of four economists. Output fell an annual 7.3 percent after falling a revised 1.1 percent the previous month.

The Swedish central bank last week kept benchmark interest rates unchanged and stuck to a forecast for tightening to start in the second half of next year, saying the economy was on the way to a recovery.

The krona slid 0.8 percent to 8.80 per euro as of 9:42 a.m. in Stockholm.

Industrial orders fell a monthly 2.6 percent in May and decreased an annual 6.1 percent, Statistics Sweden said today. Exports orders fell 2.1 percent and domestic orders slid 3.5 percent in the month.

To contact the reporter on this story: Johan Carlstrom in Stockholm at jcarlstrom@bloomberg.net

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net

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