Sweden: Industrial output falls in April at fastest rate in a year
June 8, 2021
Industrial output dropped 1.4% in month-on-month seasonally-adjusted terms in April, which contrasted March's 2.3% increase. The figure marked the worst reading since April 2020. April's notable weakening was partly due to a deterioration in manufacturing output. In contrast, mining production rebounded.
On an annual basis, industrial production rose at a faster rate of 25.8% in April (March: +5.9% yoy), the best result on record and aided by a notable base effect, with April 2020 having coincided with a sharp pandemic-induced downturn in output. Meanwhile, the trend improved markedly, with the annual average variation of industrial production coming in at plus 0.1% in April, contrasting March's minus 3.6%.
Author: Stephen Vogado, Economist