Sweden: Industrial output growth ebbs in February
Industrial output rose 0.8% in month-on-month seasonally adjusted terms in February, which was a deterioration from January’s 2.6% increase. Looking at the details of the release, the notable weakening was largely due to a sharp deterioration in manufacturing production, which plunged nearly 18% in February from a near 24% expansion in January. In addition, mining production softened.
On an annual basis, factory output rose at a faster rate of 5.2% in February (January: +4.4% yoy). Accordingly, annual average industrial production growth rose to 2.5% in February (January: +2.1%), signaling an improving trend in the industrial sector.