Sweden: Industrial production rebounds in February
April 4, 2014
Industrial production increased 2.2% in February over the previous month in seasonally-adjusted terms. The figure contrasted the 1.4% drop recorded in January (previously reported: -0.3% month-on-month) and overshot the 0.5% increase that markets had expected. According to Statistics Sweden (SCB), the monthly rebound came on the back of increases in non-durable consumer goods, non-metallic mineral products as well as chemicals and pharmaceuticals.
Compared to the same month last year, industrial production swung from a 1.0% contraction in January to a 1.7% increase in February. Annual average growth in industrial production rose from minus 3.3% in January to minus 3.0% in February.
FocusEconomics Consensus Forecast panelists see industrial production rising 1.9% in 2014, which is down 0.9 percentage points from the previous month's estimate. For 2015, the panel expects industrial production to increase 3.8%.
Author: Carl Kelly, Economist