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Sweden Services Sector Expands In February

Sweden's services sector expanded at the faster pace in February, survey data from Swedbank and the logistics association SILF showed on Wednesday.

The Purchasing Managers' Index for the services sector rose to 56.7 in February from a revised 53.2 in January. Any reading above 50 suggests expansion in the sector.

The latest growth was the highest since Autumn 2018.

Uncertainty about the coronavirus and its effects on growth increased the risk of a downturn in the service sector in the coming months, Swedbank analyst Jorgen Kennemar said.

The headline index increased due to an improvement in the sub-index for order intake, followed by delivery times and business volume. Meanwhile, employment decreased in February.

Service sector companies plans became more expansionary in February.

The Composite PMI, which combines manufacturing and services, rose to 55.7 in February from 52.8 in the previous month.

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