Sweden: Industrial production falls again in May
July 8, 2013
In May, industrial production fell 2.6% over the previous month in seasonally and working-day adjusted terms. The decrease followed the 1.1% decline tallied in April (previously reported: -0.5% month-on-month) and contrasted market expectations of a 0.6% rise. According to Statistics Sweden (SCB), the decline was mainly driven by the chemical and pharmaceutical industry.
Compared to the same month last year, industrial production fell 7.3% in working-day adjusted terms, which marked a deterioration over the 1.1% contraction observed in April. As a result, the trend is pointing downwards, with annual average growth falling from minus 2.3% in April to minus 2.7% in May.
FocusEconomics Consensus Forecast panellists see industrial production contracting 0.2% in 2013, which is up 0.1 percentage points from the previous month's estimate. For 2014, the panel anticipates industrial production to increase 3.4%.