Sweden: Industrial production rebounds in May
July 10, 2012
In May, industrial production increased 3.5% over the previous month in seasonally and working-day adjusted terms. The strong expansion contrasted the 0.2% decline tallied in April (previously reported: 0.0% month-on-month) and was above market expectations that had industrial output rising 0.4%. According to Statistics Sweden (SCB), the reading mainly reflected an increase in the non-durable consumer goods industry. Compared to the same month last year, industrial production decreased a working-day adjusted 2.3%, which was less than both the 6.4% decline observed in April and the 6.9% contraction expected by the markets. Nevertheless, the trend continues to point downwards, with annual average growth falling from 0.9% in April to minus 0.3% in May.