Sweden Industry June 2020

Sweden

Sweden: Industrial output grows in June at quickest pace since January 2012

August 5, 2020

Industrial output expanded 8.8% month-on-month in seasonally-adjusted terms in June, which followed May's 0.9% increase. The result marked the strongest increase since January 2012.

The upturn was largely due to significantly faster growth in the manufacturing sector, and a small increase in mining output, which contrasted a decrease in May.

On an annual basis, industrial production fell 8.2% in June, a softer decrease than May’s 16.8% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.1%, down from May's minus 2.4% reading.

FocusEconomics Consensus Forecast panelists project that industrial production will decrease 7.9% in 2020, which is down 1.5 percentage points from last month’s forecast, before rising 3.1% in 2021.


Author:, Economist

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Sweden Industry June 20 20

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


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