Sweden’s household consumption dropped 0.3% on monthly basis in February, while it grew just 2.3% y/y, the weakest y/y figure since late 2014. Nonetheless, the positive trend continues to be intact, according to Nordea Bank. Meanwhile, production in business sector dropped 2% y/y in February, as compared with January’s upwardly revised figure of 4.6%. On a monthly basis the growth reached 1.3%. Weak data in February is because of a slump in construction industry and private services, while production in manufacturing was sideways, noted Nordea Bank.
Overall, it was anticipated that production in the total business sector would decline in February after private services registered weak growth earlier this week. Meanwhile, production is likely to rebound in coming months, added Nordea Bank. Household consumer is also expected grow in the coming months, but will slow down later in 2016, noted Nordea Bank.
