Sweden Industry


Industrial production falls unexpectedly in August

In August, industrial production fell 2.3% over the previous month in seasonally and working-day adjusted terms. The decrease contrasted both the revised 1.8% rise recorded in July (previously reported: +0.7% month-on-month) and market expectations of a 0.5% increase. According to Statistics Sweden (SCB), the deterioration came on the back of a sharp drop in the electronics goods and motor vehicles industries.

Compared to the same month last year, industrial production fell 6.9% in working-day adjusted terms, which was well below the revised 2.8% contraction observed in July (previously reported: -3.7% year-on-year). As a result of the annual reading, annual average growth in industrial production fell from minus 3.6% in July to minus 4.3% in August.

FocusEconomics Consensus Forecast panelists see industrial production contracting 0.2% in 2013, which is up 0.1 percentage points from the previous month's estimate. For 2014, the panel expects industrial production to increase 3.4%, which is down 0.4 percentage points from last month's projection.

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Sweden Industry Chart

Sweden Industry August 2013

Note: Month-on-month seasonally adjusted changes and year-on-year variation of industrial production in %.
Source: Statistics Sweden (SCB) and FocusEconomics calculations.

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