Sweden: Industrial production increases in June
August 14, 2013
In June, industrial production increased 3.0% over the previous month in seasonally and working-day adjusted terms, marking the highest figure recorded in over a year. The increase contrasted the 2.9% decline tallied in May (previously reported: -2.6% month-on-month) and exceeded market expectations of a 1.0% rise. According to Statistics Sweden (SCB), the increase was mainly driven by the chemical and pharmaceutical industry.
Compared to the same month last year, industrial production fell 4.0% in working-day adjusted terms, which marked an improvement over the 7.7% contraction observed in May (previously reported: -7.3% year-on- year). Moreover, annual average growth of industrial production fell from minus 2.7% in May to minus 3.1% in June.
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 expects industrial production to increase 3.4%.
Author: Dirina Mançellari, Senior Economist