Sweden: Industrial output continues to expand in March
May 7, 2013
In March, industrial production rose 0.8% over the previous month in seasonally and working-day adjusted terms. The increase was above both the 0.6% gain tallied in February and market expectations of a more modest 0.4% rise. According to Statistics Sweden (SCB), the expansion was mainly driven by the machinery industry.
Compared to the same month last year, industrial production was unchanged in working-day adjusted terms, which represents an improvement over the 1.1% decrease observed in February. Moreover, the trend points upwards, with annual average growth rising from minus 3.3% in February to minus 2.8% in March.
FocusEconomics Consensus Forecast panellists see industrial production contracting 0.1% in 2013, which is down 0.5 percentage points from the previous month's estimate. For 2014, the panel anticipates industrial production to increase 3.5%.