Sweden: Drop in industrial production eases in June
August 10, 2016
In June, industrial production fell 0.4% over the previous month in seasonally-adjusted terms, which marked a clear improvement compared to the revised 3.2% drop recorded in May (previously recorded: -0.8% month-on-month) and undershot the 0.6% decrease market analysts had expected. May’s revision was relatively large as new information for the chemical and pharmaceutical industry was released. According to Statistics Sweden (SCB), June’s contraction mainly reflected a strong decline in the production of chemical and pharmaceutical products. Conversely, the electronics industry showed the largest increase.
A year-on-year comparison showed that industrial production dropped 1.4% in June, which was slightly higher than the revised 1.5% contraction registered in May (previously recorded: +1.7% year-on-year). Annual average growth in industrial production inched down from 4.0% in May to 3.7% in June.
Author: Andrea Vetrugno, Economist