Sweden: Industrial production loses steam in September
November 5, 2015
Industrial production in September rose 2.0% over the previous month, in seasonally-adjusted terms, which was below the revised 4.5% increase recorded in August (previously reported: +4.7% month-on-month) but beat market expectations of a slight contraction. August’s result had marked the largest expansion since November 2013. According to Statistics Sweden (SCB), the monthly slowdown was driven by contractions recorded in a number of sectors, with the largest drop recorded in the electronics industry.
In annual terms, industrial production picked up pace from a revised 2.4% increase (previously reported: +3.8% year-on-year) in August to a notable 6.3% expansion in September. September’s figure marked the best result since May 2011. As a result, annual average growth in industrial output improved, rising from minus 0.9% in August to flat growth in September, the first non-negative figure since February 2012.
Author: Robert Hill, Economist