Sweden: Industrial production falls in August, albeit at a slower pace than the previous month
October 3, 2014
Industrial production decreased 0.2% in August over the previous month, in seasonally-adjusted terms. August’s reading was above the revised 0.8% contraction recorded in July (previously reported: -1.1% month-on-month) and contrasted the 1.0% increase that markets had expected. According to Statistics Sweden (SCB), the monthly result reflected a mixed picture among the categories that comprise the overall index. The largest declines were recorded in the sub-sectors of transport equipment and non-metallic mineral products. The sub-sectors showing the strongest performances were those of non-durable consumer goods and wood products.
In annual terms, industrial production fell 2.4% in August, which was up from the 5.2% contraction tallied in July (previously recorded: -5.7% year-on-year). Annual average growth in industrial output improved from minus 2.1% in July to minus 1.7% in August.
Author: Cecilia Simkievich, Economist