Sweden: Industrial production rebounds in April
June 4, 2014
Industrial production expanded 3.0% in April over the previous month in seasonally-adjusted terms, which marked the highest growth since November 2013. The figure contrasted the 3.6% drop recorded in March (previously reported: -3.8% month-on-month) and beat the 2.0% increase that the markets had expected. According to Statistics Sweden (SCB), the monthly expansion came on the back of increases in several sub-sectors of the manufacturing industry, including gains in electrical equipment, electronic products, and machinery. Meanwhile, the chemical and pharmaceutical sector registered a decline.
Compared to the same month last year, industrial production swung from a 4.4% decrease in March to a 0.6% increase in April. Annual average growth in industrial production rose from minus 3.2% in March to minus 3.0% in April.
Author: Carl Kelly, Economist