Sweden: Industrial production contracts in May
July 4, 2014
Industrial production contracted 3.2% in May over the previous month in seasonally-adjusted terms. The figure contrasted both the 2.8% expansion recorded in April (previously reported: +3.0% month-on-month) and the 0.1% increase that the markets had expected. Industrial production is continuing on this year’s trend of fluctuating expansions and contractions. According to Statistics Sweden (SCB), the monthly decline came on the back of a significant contraction in mining and quarrying as well as decreases in several sub-sectors of the manufacturing industry, including computer and electronic goods, machinery and equipment, and food, beverages and tobacco.
Compared to the same month last year, industrial production swung from a 0.3% increase in April to a 2.2% decrease in May. Annual average growth in industrial production rose from minus 3.0% in April to minus 2.6% in May, which marked the highest level since April 2012.
Author: Carl Kelly, Economist