Sweden: Industrial production swings to expansion in September
November 3, 2016
Growth in industrial production jumped to an unexpected 6.8% increase over the previous month in seasonally-adjusted terms in September. The print, which was the highest in over four years, contrasted both August’s 5.0% drop (previously reported: -4.1% month-on-month) and market expectations of a smaller drop of 2.0%. According to Statistics Sweden (SCB), September’s reversal reflected a broad-based increase in all the components of the indicator.
A year-on-year comparison showed that industrial production grew 1.5% in September, which strongly contrasted the 5.0% drop registered in August. The overall trend pointed downwards as annual average growth in industrial production edged down from 3.6% in August to 3.2% in September.
Author: Andrea Vetrugno, Economist