Sweden Industry April 2020

Sweden

Sweden: Industrial activity contracts at sharpest pace on record in April

June 4, 2020

Industrial production dropped 16.4% month-on-month in seasonally-adjusted terms in April (March: -0.1% month-on-month). April's reading marked the steepest drop since current records began in 2000 and was due to a sharp fall in manufacturing output, coupled with a more modest fall in mining production.

On an annual basis, factory output fell 16.6% in April (March: +0.7% year-on-year). The print marked the worst result since August 2009. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.9%, contrasting March's plus 0.8%.

FocusEconomics Consensus Forecast panelists project that industrial production will decrease 4.5% in 2020, which is up 0.2 percentage points from last month’s forecast, before rising 2.3% in 2021.


Author:, Economist

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Sweden Industry April 20 20

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Sweden (SCB).


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