Sweden Industry August 2021

Sweden

Sweden: Industrial activity records largest decline in over one year in August

October 7, 2021

Industrial production decreased 2.6% month-on-month in seasonally-adjusted terms in August (July: -0.4% mom). The result marked the steepest drop since April 2020 and was partly driven by a deterioration in manufacturing production.

On an annual basis, factory output increased 1.0% in August, which was significantly below July’s 12.7% expansion and marked the worst result since November 2020. Meanwhile, annual average industrial production growth rose to 6.6% in August (July: +6.4%). This signals an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 8.6% in 2021, which is unchanged from last month’s forecast, and rise 3.9% in 2022.


Author:, Economist

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Sweden Industry August 2021 0

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


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