Swedish manufacturing production rises strongly in June

Swedish manufacturing production data came in strong in in June, affirming that Sweden is witnessing a solid growth momentum. Moreover, house prices indicate no signs of calming down. Manufacturing production was up 0.8 percent in the month and rose 8.5 percent year-on-year. The production in the sector is stimulated by the growing global demand. Order intakes have shown a rather subdued development in recent months but the level continues to be elevated.

However, private services sector production was slightly on the weak side. Although the sector saw a sound 3.7 percent growth year-on-year, but the trend during this year has been flat. In all, the figures released are in line with the prior released GDP figures for the second quarter. The hard data is also in line with the upbeat confidence. Meanwhile, house prices continue to increase rapidly. Prices in July were up 9.6 percent year-on-year.

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