Sweden: Industrial activity records largest drop in over two years in August
Industrial output nosedived 6.7% month on month in seasonally adjusted terms in August (July: +5.1% mom). August’s downturn marked the worst reading since April 2020. Looking at the details of the release, August’s reading was chiefly due to a sharp deterioration in manufacturing output, which more than offset a slight rebound in mining production.
On an annual basis, industrial production rose at a more moderate pace of 1.6% in August (July: +8.6% yoy). Meanwhile, annual average industrial production growth rose to 2.1% in August (July: +2.0%), signaling an improving trend in the industrial sector.