Swedish production in manufacturing falls in July, private services production rises

Swedish production in the manufacturing industry fell in July, whereas it rose in the private service sector. The decline in manufacturing production was slightly sharper than anticipated. However, the trend is still upwards. Manufacturing production dropped 0.9 percent sequentially, as compared with consensus expectations of a decline of 0.2 percent.

On a year-on-year basis, manufacturing production rose 5.3 percent, below consensus expectations of 6.5 percent. Order intake to the manufacturing sector rose slightly as well, suggesting further improvement in production, noted Nordea Bank in a research report.

The service sector, which represents nearly 50 percent of GDP, rose by 1.5 percent sequentially and 4.1 percent year-on-year. However, the figures for June were downwardly revised. The trend and outlook for services, continue to be favourable.

Overall, the figures released today were a mixed bag. The business sector is showing healthy growth; however, it is likely to decelerate later in 2017, stated Nordea Bank.

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