Swedish industrial production unexpectedly rose in October, easing pressure on the central bank to cut interest rates this month.
Industrial production rose 0.5 percent in October, after declining a revised 4.2 percent the previous month, Stockholm- based Statistics Sweden said today. Production was estimated to be unchanged, according to the median forecast in a Bloomberg survey of nine economists. Output fell an annual 4.4 percent.
The central bank has signaled it may cut its benchmark rate later this month, after three reductions since last year to 1.25 percent. Swedish growth is slowing amid falling export demand from the debt-riddled euro area.
Industrial orders rose 1.6 percent in the month and were 2.1 percent lower in the year, Statistics Sweden said. Export orders rose 3.2 percent, while domestic orders fell 0.5 percent.
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