Sweden: Drop in industrial production intensifies in May
July 5, 2016
In May, industrial production fell 0.8% over the previous month in seasonally-adjusted terms, which marked a sharper contraction compared to the revised 0.2% drop in April (previously recorded: +0.1% month-on-month). The figure undershot market expectations of a 0.3% increase. According to Statistics Sweden (SCB), the contraction mainly reflected a strong decline in the production of motor vehicles. Conversely, the manufacturing industry showed the largest increase, although it was not enough to prevent the generalized drop.
A year-on-year comparison showed that industrial production rose 1.7% in May, coming in below the revised 3.2% increase registered in April (previously recorded: +3.5% year-on-year). Annual average growth in industrial production inched down from 4.3% in April to 4.1% in May.
Author: Luis Lopez Vivas, Economist