Sweden Industrial production


Sweden: Industrial production contracts for third month in a row

September 4, 2015

Industrial production in July fell 3.0% over the previous month in seasonally-adjusted terms, which was a greater contraction than the revised 1.1% decline recorded in June (previously reported: -0.9% month-on-month). July’s reading was the lowest in four years and drastically undershot market expectations of a 0.3% expansion. According to Statistics Sweden (SCB), the monthly result was driven by a deterioration in a majority of sectors. The electrical equipment sub-sector saw the largest deterioration, while the petroleum industry showed the largest increase. The disappointing figure suggests that the industrial activity that supported strong GDP growth in Q2 likely did not carry over into the third quarter.

In annual terms, industrial production plummeted from a 2.0% increase in June to a 1.9% contraction in July. However, annual average growth in industrial output eased from minus 1.4% in June to 1.2% in July, the highest figure since March 2012.

FocusEconomics Consensus Forecast panelists see industrial production falling 0.1% in 2015, which is down 0.7 percentage points from the previous month’s estimate. For 2016, the panel expects industrial production to increase 3.4%.

Author:, Economist

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Sweden Industrial production Chart

Sweden Industry July 2015

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

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