Swedish Manufacturing Returns to Expansion as Orders Advance
Swedish manufacturing returned to growth last month as orders increased.
An index based on responses from about 200 purchasing managers rose to a seasonally adjusted 51.9 from 49.6 the prior month, Stockholm-based Swedbank AB (SWEDA), which compiles the data, said today. A reading above 50 indicates an expansion. The index was seen rising to 50.2, according to the median estimate of nine economists surveyed by Bloomberg.
“The increase was broad-based,” Swedbank said in a statement.
Sweden’s $500 billion economy will improve gradually going forward, as the “uncertainty associated with the euro crisis slowly recedes,” the International Monetary Fund predicted last week. Output will expand 1.1 percent this year and 2.3 percent in 2014, after growing 0.8 percent in 2012, it said.
The production sub-index rose to 55.2 from 52.8, while the order index increased to 55.4 from 50.9. The employment index rose to 46.3 from 42.6.
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