Sweden: Industrial production records largest decline in more than two years
April 10, 2012
In February, industrial production fell a seasonally and working-day adjusted 5.2% over the previous month, which contrasted the 3.3% increase tallied in January (previously reported: +3.6% month-on-month). According to Statistics Sweden (SCB), the reading mainly reflected a deterioration in the textile as well as in the motor vehicle industries. Compared to the same month last year, industrial production decreased a working-day adjusted 7.1%, which contrasted the 1.7% rise observed in January and represented the sharpest decline in industrial output since November 2009. Moreover, the trend continues to point downwards, with the annual average growth in industrial production falling from 5.9% in January to 4.0% in February.