Production in the business sector for November came out in line with our expectations. Production surged on the month and the year-on-year figure jumped to +1.4 % from -0.4% in October.
The main driver was the rebound in manufacturing industry (including energy), +6.4% on the month. Production in the private service sector (+0.4%) as well as in the construction sector (+2.8%) rose too. Notably, there is a good momentum in the construction sector, with production rising by a full 6% over the year.
With the manufacturing industry now recovering, growth is broad based and GDP growth finally seems to be picking up. We have the same forecast as the Riksbank for Q4 GDP, +0.7% q/q, which is within reach.
Details, production in the business sector, November:
y/y: 1.4% (Nordea 1.6%; prior -0.4%, revised from -0.5%)
m/m: 2.0% (Nordea 1.9%; prior -0.2%, revised from -0.3%)
Nordea