Sweden Industry May 2017

Sweden

Sweden: Industrial production rebounds in May

July 5, 2017

In May, industrial production expanded a preliminary seasonally-adjusted 2.1% over the previous month, which contrasted April’s revised 1.3% contraction (previously reported: -2.4% month-on-month) and was the best result since January. The print came in above the 1.0% expansion market analysts had predicted. According to Statistics Sweden (SCB), May’s jump was driven primarily by higher output of petroleum products and motor vehicles which negated decreased production of non-metallic mineral products.

In annual terms, industrial output outperformed market expectations of a 4.5% expansion by recording buoyant 8.0% growth in May. The reading came in significantly above the previous month’s 0.4% expansion and marked the best result since November 2015. May’s print suggests that the downward trend seen since the start of the year has been put to a halt: annual average growth in industrial production increased from 1.2% in April to 2.0% in May, the best result since December 2016.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.2% in 2017, which is unchanged from last month’s forecast. For 2018, the panel expects that industrial production will also increase 2.2%.


Author:, Economist

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Sweden Industry May 2017

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Sweden (SCB).


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