Sweden Industry March 2021

Sweden

Sweden: Industrial output grows at quickest pace since August 2020 in March

May 5, 2021

Industrial output increased 2.4% in month-on-month seasonally-adjusted terms in March, which was above February's 0.9% increase. March's figure marked the best result since August 2020. March's reading was largely due to an improvement in manufacturing production, while in contrast, mining production fell.

On an annual basis, factory output rose at a faster rate of 6.3% in March (February: +2.3% yoy), the best result since January 2018. Moreover, the trend improved significantly, with the annual average variation of industrial production coming in at minus 3.6%, up from February's minus 4.2%.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 6.1% in 2021, which is up 0.9 percentage points from last month’s forecast, and rise 3.0% in 2022.


Author:, Economist

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Sweden Industry March 2021

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


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