Sweden Industrial Output Unexpectedly Plunges as Orders DeclineJohan Carlstrom
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.