Sweden: Industrial production contracts in May
July 3, 2015
Industrial production in May decreased 0.1% over the previous month in seasonally-adjusted terms, which contrasted the 2.0% increase recorded in April. May’s reading was the lowest in four months; however the result did beat market expectations of a 0.6% contraction. According to Statistics Sweden (SCB), the monthly result was driven by a deterioration in the gains in the manufacturing sector, with the electrical equipment industry showing the largest decrease. In contrast, the petroleum industry saw the largest gains. The mining and quarrying sector also deteriorated in May.
In annual terms, industrial production increased 3.3% in May, which was an improvement on the 1.4% increase tallied in April. As a result, annual average growth in industrial output picked up from minus 2.3% in April to minus 1.9% in May.
Author: Robert Hill, Economist