STOCKHOLM (dpa-AFX) - Swedish manufacturing growth eased to the lowest in seventeen months in February, but remained strong, survey data from Swedbank and the logistics association SILF showed on Tuesday.
The purchasing managers' index for the manufacturing sector fell to 58.6 in February from a revised 62.2 in January. A PMI reading above 50 suggests growth in the manufacturing sector.
'The downward trend in the purchasing managers' index strengthens the picture of a cooling Swedish industrial economy,' Swedbank analyst Jörgen Kennemar said.
'At the same time, the industry is being challenged by increased geopolitical uncertainty with the Russian invasion of Ukraine with the risk of negative effects on growth and on companies' production plans.'
Four among the five sub-indices declined in February. The largest negative contribution came from order intake, delivery time, production and inventory, while employment rose.
Production plans in the industry remained expansionary in February.
Suppliers' raw material and intermediate goods declined for the fourth straight month in February.
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