Sweden: Industrial production contracts again in June
August 10, 2015
Industrial production in June fell 0.9% over the previous month in seasonally-adjusted terms, which was greater than the 0.3% decline recorded in May. June’s reading was the lowest in five months and undershot market expectations of a 0.1% contraction. According to Statistics Sweden (SCB), the monthly result was driven by a deterioration in several sectors of the manufacturing industry. The basic metals as well as chemicals and pharmaceuticals categories showed the largest losses. In contrast, production in the computer and electronic products sector increased over the previous month. Meanwhile, mining and quarrying deteriorated in June.
In annual terms, industrial production increased 1.2% in June, was well below the 3.4% increase tallied in May. However, annual average growth in industrial output picked up from minus 1.8% in May to 1.6% in June.
Author: Robert Hill, Economist