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