Sweden: Industrial output declines in April
June 10, 2013
In April, industrial production fell 0.5% over the previous month in seasonally and working-day adjusted terms. The decrease contrasted both the 0.6% gain tallied in March (previously reported: +0.8% month-on-month) and market expectations of a 0.3% rise. According to Statistics Sweden (SCB), the decline was mainly driven by the electric equipment industry.
Compared to the same month last year, industrial production fell 0.8% in working-day adjusted terms, which is worse than the 0.1% contraction observed in March. The trend, however, points upwards, with annual average growth rising from minus 2.8% in March to minus 2.3% in April.
FocusEconomics Consensus Forecast panellists see industrial production contracting 0.3% in 2013, which is down 0.2 percentage points from the previous month's estimate. For 2014, the panel anticipates industrial production to increase 3.5%.