Sweden Manufacturing Growth Exceeds Forecast
Sweden's manufacturing growth improved at a faster-than-expected pace in March, data from the Swedbank and the Swedish National Association of Purchasing & Logistics revealed Friday.
The Purchasing Managers' Index, or PMI, rose to 53.3 in March from 51.7 in the previous month. Economists had expected the index to climb to 52.8.
Any reading above 50 indicates expansion in the sector.
The survey revealed that the growth in March was mainly driven by the recovery in order intake but also employment and supplier delivery times as positive contributors.
The sub-index for new orders returned to growth zone in March, with the index rising to 52.9 from 48.9 in February.
The index measuring production fell from 55.1 in the preceding month to 54.3 in March. At the same time, the component index for employment climbed to a 6-month high of 54.8.
The material has been provided by InstaForex Company - www.instaforex.com