Sweden's manufacturing sector remained in contraction for the eighth successive month in March, survey data from Swedbank and the logistics association SILF showed on Monday.
The purchasing managers' index for the manufacturing sector dropped to 45.7 in March from 46.9 in February. Any reading below 50 indicates contraction.
"It is a continued weak industrial economy that is emerging, although there are signs that the downturn has slowed down during the first quarter of the year," Swedbank analyst Jorgen Kennemar said.
Among components, the sub-index for new orders made the largest negative contribution to the overall PMI, followed by inventories and production, while employment and delivery times contributed positively at the end of the first quarter.
Production plans for manufacturing industries expanded at a slower pace in March. The index for crude and intermediate goods prices fell by 6.5 points in March to 45.3 compared with February, the lowest index level since the pandemic year 2020.
