Sweden: Industrial production rebounds in June
August 8, 2014
Industrial production increased 1.0% in June over the previous month, in seasonally-adjusted terms. The figure contrasted the 3.0% contraction recorded in May (previously reported: -3.2% month-on-month) but undershot the 1.5% 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 increase came on the back of growth in mining and quarrying as well as gains in several sub-sectors of the manufacturing industry, including fabricated metal products, basic metals, and computer and electronic goods.
Compared to the same month last year, industrial production was up from a 1.9% decrease in May to a 1.1% drop in June. Annual average growth in industrial production rose from minus 2.3% in May to minus 1.9% in June, which marked the highest level since April 2012.
Author: Carl Kelly, Economist