Sweden: Industrial production falls in July
September 16, 2014
Industrial production decreased 1.1% in July over the previous month in seasonally-adjusted terms. The figure contrasted the revised 0.8% increase recorded in June (previously reported: +1.0% month-on-month) and the 2.3% increase that the markets had expected. Industrial production is continuing on this year’s trend of fluctuating expansions and contractions. According to Statistics Sweden (SCB), the monthly decrease came on the back of declines in several sub-sectors of the manufacturing industry, including chemicals and pharmaceuticals, as well as basic metals.
Compared to the same month last year, industrial production slipped from a 0.9% drop in June to a 5.7% contraction in July, which marked the weakest result in nine months. Annual average growth in industrial production fell from minus 1.9% in June to minus 2.2% in July.
Author: Carl Kelly, Economist