Sweden manufacturing production misses expectations in Dec

Sweden's manufacturing production fell by 2.9% m/m in December, missing forecasts for a 0.5% fall. The year-on-year figure fell to 0.3% from 6.6% in November, also below consensus for a drop to 3.5%.

Indeed, indicators paint a mixed picture, but the manufacturing industry should show some growth going forward. On the positive side, the private service sector surprised on the upside, +2.2% m/m and a full 6.0% y/y.

"Thanks to the strong figures for the services sector, the Riksbank's as well as our call for Q4 GDP at 3.6% y/y should be within reach." said Nordea Bank in a report.