Sweden: Industrial production recovers in November
January 8, 2016
Industrial production in November rose 1.4% over the previous month, in seasonally-adjusted terms, which contrasted the 1.1% contraction tallied in October. The figure greatly exceeded market expectations, which had envisioned a meager 0.1% increase in November. According to Statistics Sweden (SCB), the monthly increase was driven by the chemical industry and the pharmaceutical industry, which saw the largest growth, while food production observed the largest decrease.
In annual terms, industrial production expanded a robust 6.2%, which was almost double the 3.4% increase seen in October. November’s figure marks the best result since May 2011. As a result, annual average growth in industrial output improved, rising from a 0.3% increase in October to a 1.2% rise in November.
Author: Robert Hill, Economist