Sweden: Industrial production continues its upward trend in June
August 10, 2017
Industrial production expanded a preliminary seasonally-adjusted 0.8% over the previous month. Although the result marks the second consecutive monthly expansion, the pace of growth slowed from May’s revised 2.9% (previously reported: 2.1% month-on-month). The print came in above the expectation of analysts who foresaw a 0.1% increase in production. According to Statistics Sweden (SCB), June’s expansion was chiefly driven by increased output in the printing and coke and refined petroleum products industries, which offset significantly lower output in the electrical equipment and other non-metallic mineral products industries.
In annual terms, industrial output increased from a revised 7.5% in May (previously reported: 8.0% year-on-year) to 8.5% in June. June’s print is the highest since November 2015 and a further sign that the downward trend seen at the start of the year has been reversed: annual average growth in industrial production increased from a revised 1.9% in May (previously reported: 2.0%) to 2.7% in June, the best result since October 2016.
Author: Jan Lammersen, Economist