Swedish Economy Rebounds In August

(RTTNews) - Sweden's economy expanded strongly in August after contracting in the previous month, and industrial output also grew sharply, separate reports from Statistics Sweden showed on Friday.

Gross domestic product rose 1.1 percent month-on-month in August, reversing a 0.3 percent decrease in the previous month.

"The Swedish economy grew in August with increased household consumption and growing production in the business sector," Melker Pettersson Loberg, economist at Statistics Sweden, said.

Household consumption increased 2.5 percent annually and by 0.4 percent monthly in August.

On an annual basis, GDP grew 2.4 percent in August, faster than the 1.9 percent expansion a month ago.

Another report indicated that industrial production advanced 5.1 percent annually in August, in contrast to the 5.3 percent decline in the prior month.

The rebound in August was mainly driven by a 4.5 percent growth in the manufacturing sector along with a 3.2 percent rise in mining and quarrying output.

Production in the service sector rose only 0.1 percent, while the construction sector recovered significantly by 4.2 percent.