Sweden: Industrial production contracts sharply in December
February 5, 2016
On a monthly basis, industrial production contracted 2.9% over the previous month in seasonally-adjusted terms, which contrasted the 1.6% growth recorded in November. The figure greatly undershot market expectations, which had envisioned a 0.3% increase in December. According to Statistics Sweden (SCB), the monthly decrease was driven by the electronics industry, while non-metallic mineral products showed the largest increase.
In December, industrial production rose 0.3% over the same month the previous year, which was below the 6.6% growth recorded in November and marked the lowest reading since July. Moreover, annual average growth in industrial production increased from 1.3% in November to 1.5% in December.
Author: Robert Hill, Economist