Swedish Economy Recovers; Industrial Output Growth Eases Slightly

(RTTNews) - Sweden's economy expanded slightly in May after contracting in the previous three months, data from Statistics Sweden showed on Friday.

Separate official data showed that industrial output growth eased marginally in May amid a slowdown in manufacturing production.

Gross domestic product advanced 0.1 percent month-on-month in May, reversing a 0.2 percent fall in April.

"Among underlying aggregates, stronger net exports concerning goods balanced out lower activity in construction," Mattias Kain Wyatt, economist at Statistics Sweden, said.

On a yearly basis, GDP contracted 0.6 percent in May, faster than the 0.3 percent decline in the prior month.

Household consumption dropped by 0.1 percent monthly and by 1.1 percent annually in May.

Another report showed that industrial production grew 3.8 percent annually in May, slightly below the 3.9 percent increase in April.

Among sectors, the growth in manufacturing output moderated to 4.5 percent from 5.4 percent.

At the same time, the mining and quarrying segment showed a sharp decline of 11.9 percent, and construction output dropped by 6.3 percent.