Sweden Industry July 2022

Sweden

Sweden: Industrial output growth speeds up in July

September 7, 2022

Industrial output expanded 5.0% in month-on-month seasonally-adjusted terms in July, which followed June's 1.7% increase. The result marked the best reading since August 2020. Looking at the details of the release, July's figure was largely driven by faster growth in manufacturing production. In contrast, mining output fell.

On an annual basis, factory output grew 8.9% in July, significantly above June’s 1.5% expansion and marking the best result since July 2021. However, annual average industrial production growth fell to 2.0% in July (June: +2.1%). This signals a worsening trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 1.0% in 2022, which is down 0.8 percentage points from last month’s forecast, and rise 1.5% in 2023.


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Sweden Industry July 2022

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Sweden (SCB).


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