STOCKHOLM (dpa-AFX) - Sweden's economy expanded for the first time in three months in August, while industrial production grew at an accelerated pace, separate reports from Statistics Sweden showed on Friday.
Gross domestic product rose 1.1 percent monthly in August, reversing a 0.7 percent fall in July, preliminary data revealed. The annual economic growth accelerated to 3.5 percent from 2.7 percent.
'The growth was relatively broad-based and mainly driven by increased household consumption as well as rising production among goods-producing industries,' Melker Pettersson Loberg, an economist at Statistics Sweden, said.
Industrial production grew 5.8 percent annually in August, much faster than the 1.7 percent rebound in July.
Among sectors, manufacturing production advanced 6.6 percent after rising 2.4 percent in the prior month. The downturn in mining and quarrying eased to 7.4 percent from 9.0 percent, and the decline in utility sector output softened sharply to 2.7 percent from 13.2 percent.
Data showed that the growth in the construction sector was 3.9 percent, accelerated from 1.7 percent a month ago.
On a monthly basis, industrial production recovered 5.4 percent in August after falling 2.9 percent in the prior month.
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