Sweden: Industrial output dips further in November
Industrial production decreased 2.9% month on month in seasonally-adjusted terms in November (October: -0.8% mom). Looking at the details of the release, November’s figure was largely driven by a deterioration in manufacturing output, which more than offset a rebound in mining production.
On an annual basis, factory output dropped 1.3% in November, contrasting Octobers 3.2% expansion and marking the worst result since September 2020. Accordingly, annual average industrial production growth fell to 2.0% in November (October: +2.5%), signaling a worsening trend in the industrial sector.