Sweden Industry April 2022

Sweden

Sweden: Industrial output drops at sharpest rate since August 2021 in April

June 9, 2022

Industrial output declined 1.4% month-on-month in seasonally-adjusted terms in April (March: +2.1% mom). The result marked the worst reading since August 2021. Looking at the details of the release, April's figure was partly due to a deterioration in manufacturing production, as it recorded the weakest reading since August 2021. In addition, mining production contracted heavily.

On an annual basis, factory output rose at a more moderate pace of 0.7% in April (March: +2.1% yoy), the weakest result since August 2021. Meanwhile, annual average industrial production growth fell to 5.1% in April (March: +6.9%), signaling a worsening trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.3% in 2022, which is down 0.5 percentage points from last month’s forecast, and rise 2.0% in 2023.


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Sweden Industry April 2022

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


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