Sweden’s economy grew at a monthly rate of 1.4% in November, as it recovered from a 0.4% contraction in the prior month, data by Statistics Sweden showed.

It has been the sharpest monthly growth since January 2023.

“November saw an upturn in economic activity with growth in both goods- and service-producing industries as well as in general government production. ICT services showed the largest growth figures among services while stronger manufacturing and a continued recovery in construction both contributed to the upturn for goods-producers,” Mattias Kain Wyatt, economist at Statistics Sweden, commented.

The EUR/SEK currency pair settled 0.29% lower at 11.4448 on Friday. For the week, the exotic currency pair remained little changed.