January 14, 2023
According to Statistics Sweden data, Sweden’s economy shrank in November after growing the previous two months, mostly as a result of a downturn in the manufacturing sector and several important service-producing businesses.
According to unrelated official data, industrial production fell in November for the first time in five months.
After increasing by 0.7 percent in October, the gross domestic product decreased by 0.5 percent monthly in November.
According to Melker Pettersson Loberg, an economist at Statistics Sweden, “the Swedish economy contracted in November with a wide based fall in manufacturing as well as in numerous important service providing businesses.”
Annual GDP growth slowed in November from 2.0 percent the previous month to 0.7 percent.
According to a different study, industrial production decreased by 0.5 percent annually in November after increasing by 3.4 percent in December. It was also the first fall since July.
The output of mining and quarrying decreased by 25.3%, which was a major contributor to the decline. Production growth in the construction industry slowed from 1.2 percent to 0.7 percent annually.
Additionally, data revealed that overall industrial orders fell 6.8% in November compared to the same month last year, which followed a drop of 7.3%. Orders dropped further 0.6 percent on a monthly basis.
Source: Statistics Sweden
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
