Sweden Industry August 2020


Sweden: Industrial output gains steam in August

October 6, 2020

Industrial production grew 7.8% on a calendar-adjusted month-on-month basis in August, which was markedly higher than July’s 2.6% increase and marked the fourth monthly increase in production in a row.

Looking at the details of the release, the increase was largely driven by faster growth in manufacturing production, while contracting mining output tempered the overall rise.

On an annual basis, industrial output fell 0.2% in August, softer than July’s 8.0% fall and marking the best result since March. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.1%, down from July's minus 3.7%.

FocusEconomics Consensus Forecast panelists project that industrial production will decrease 6.6% in 2020, which is down 1.2 percentage points from last month’s forecast, before rising 4.2% in 2021, which is down 0.3 percentage points from the prior month’s estimate.

Author:, Economist

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Sweden Industry Chart

Sweden Industry August 20 20 0

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

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