Sweden: Industrial production decreased in July
September 6, 2017
In contrast to June’s increase, industrial production contracted a seasonally-adjusted 0.9% over the previous month in July (June: +0.9% month-on-month; previously reported: +0.8% mom), according to preliminary figures. Statistics Sweden (SCB) reported that the contraction can be explained by significantly decreased production in the electronics and chemicals and pharmaceutical products sectors, offsetting robust production increases in the textile and leather products and fabricated metal products sectors.
A year-on-year comparison showed that industrial production expanded at a slower pace in July than in the previous month. Output growth slowed from a revised 8.9% expansion in June (previously reported: +8.5% year-on-year) to a 5.3% increase in July. Annual average growth in industrial production slowed from 2.8% in June (previously reported: +2.7%) to 2.7% in July.
Author: Jan Lammersen, Economist