Sweden: Industrial production doubles in April
June 10, 2015
Industrial production in April increased 2.0% over the previous month in seasonally-adjusted terms, the strong result was double the revised 1.0% recorded in March (previously reported: +0.8% month-on-month). March’s expansion in production was the largest since November 2013, and shattered market expectations of a 0.2% increase. According to Statistics Sweden (SCB), the monthly result was driven by large gains in manufacturing, stemming in part from increased production in the electrical equipment and computer manufacturing subsectors. The mining and quarrying sector also improved in April.
In annual terms, industrial production increased 1.5% in April, which was an improvement on the 0.7% increase tallied in March. As a result, annual average growth in industrial output picked up from minus 2.4% in March to minus 2.3% in April.
Author: Robert Hill, Economist