Sweden Industrial Production Rebounds Sharply

(RTTNews) - Sweden's industrial production expanded strongly in July, after falling in the previous month, data from Statistics Sweden showed on Wednesday.

Industrial production climbed a calendar-adjusted 7.8 percent year-over-year in July, reversing a 1.3 percent fall in June.

The latest upward trend was driven primarily by the chemical and pharmaceutical industry, which grew 47.0 percent from the previous year.

Services growth, excluding financial and insurance services, rose 3.6 percent in July, following a 6.0 percent increase in June.

Meanwhile, construction output declined 8.7 percent annually in July, worse than the 1.5 percent fall in the previous month.

Separate data from the statistical office showed that industrial orders rose 4.3 percent annually in July, in contrast to a 1.8 percent fall in the previous month. This was the first increase in three months.

Domestic demand grew 4.1 percent, and foreign orders gained 4.5 percent.

On a monthly basis, industrial orders increased a seasonally adjusted 3.0 percent in July.