Sweden's service sector recorded growth for the second successive month in February, and the rate of growth accelerated from the previous month, signaling that the ongoing recovery following the slump seen in the final months of last year has gathered momentum.
The seasonally adjusted purchasing managers' index for the service sector advanced to 54.6 in February from 52.6 in January, which followed two consecutive contractions. An index reading above 50 indicates expansion in the sector, while one below suggests contraction.
Driving the acceleration in overall growth, new orders received by service sector firms increased further during the month. Firms also increased their workforces further during the month.
Input prices faced by service sector firms increased at a faster pace in February, reflecting the increase in price pressures in the supply chain.
At the same time, companies revised up their business plans for the next six months to the highest level in nearly one year. The revision reflects the improved orders situation and improvement in the outlook for the overall economy.
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