Sweden: Industrial activity dips in February
Industrial output—excluding energy—decreased 1.2% in month-on-month seasonally adjusted terms in February, which contrasted January’s 1.4% increase. Looking at the details of the release, February’s downturn was largely driven by a deterioration in manufacturing production, as it expanded at the slowest pace since June 2023. This more than offset a rebound in mining output.
On an annual basis, factory output fell 2.4% in February, which was a notable deterioration from January’s 0.1% decline and marked the worst result since July 2023. Meanwhile, annual average industrial production growth fell to 0.3% in February (January: +1.0%), signaling a worsening trend in the industrial sector.