Sweden: Industrial production rebounds in November
January 10, 2014
Industrial production rebounded from a 2.8% decrease in seasonally and working-day adjusted terms in October to a 5.7% increase in November. The result significantly overshot the 1.0% increase that markets had expected. According to Statistics Sweden (SCB), the monthly increase came on the back of an improvement in mines, quarries and manufacturing industries.
Compared to the same month of the previous year, industrial production rose 3.5% in working-day adjusted terms, which contrasted the 5.0% drop observed in October. Annual average growth in industrial production rose from minus 4.1% in October to minus 3.4% in November.
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: Dirina Mançellari, Senior Economist