Swedish GDP rises 0.9% in May, beating forecasts as industrial orders fall

Swedish growth rose to 0.9 percent in May compared with the previous month, according to a so-called GDP indicator. Analysts' average forecast was for a rise of 0.2 percent, according to Bloomberg.

The May figures represent three consecutive months of growth in Sweden. Higher output in the services sector, especially in information and communications technology, contributed, according to Mattias Kain Wyatt, an economist at Statistics Sweden.

Lower imports of goods also contributed to the improvement.

Growth in April was 0.6 percent compared with the previous month, according to revised figures.

At an annual rate, Swedish growth in May was 3.9 percent, according to Statistics Sweden.

However, industrial order intake in May decreased by 3.2 percent compared with April, according to seasonally adjusted figures from Statistics Sweden.