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.
Author: Jan Lammersen, Economist