2024.01.1009:02:00UTC+00Swedish GDP Expands Further, Industrial Output Recovers

Sweden's economy grew for the second straight month in November, thanks to strong net exports, data from Statistics Sweden showed on Wednesday.

Separate official data showed that industrial production increased for the first time in three months.

Gross domestic product advanced 0.2 percent month-on-month in November, reversing a 0.5 percent strong recovery in October.

"Swedish GDP growth stayed positive in November, aided by weak import figures concerning goods, which resulted in a continued strengthening of net exports," Mattias Kain Wyatt, economist at Statistics Sweden, said.

On a yearly basis, GDP rose 0.9 percent in November, following a 0.2 percent gain in the previous month.

Data showed that household consumption decreased 0.5 percent over the month while growing 0.1 percent from last year.

Another report showed that industrial production rose 0.2 percent annually in November, in contrast to a 0.5 percent fall a month ago.

Output produced in the utility sector surged 13.3 percent from last year, while service production slid by 2.2 percent.

Construction output fell 5.3 percent annually in November, slightly slower than the 5.8 percent plunge a month ago.