Sweden: Industrial production drops in January
March 8, 2013
In January, industrial production fell 2.0% over the previous month in seasonally and working-day adjusted terms. The decline contrasted both the 1.3% increase tallied in December and market expectations of a 0.5% rise. According to Statistics Sweden (SCB), the decrease was mainly driven by the textile industry as well as the industry for fabricated metal products.
Compared to the same month last year, industrial production plummeted a working-day adjusted 7.8%, which followed the 2.2% decrease tallied in December and, in fact, represents the steepest contraction in more than three years. As a result of the negative reading, the trend continues to point downwards, with annual average growth falling from minus 3.1% in December to minus 3.9% in January.
FocusEconomics Consensus Forecast panellists see industrial production expanding 1.3% in 2013, which is unchanged from the previous month's estimate. For 2014, the panel anticipates industrial production to increase 3.7%.