Sweden: Industrial production tumbles in March
May 5, 2014
Industrial production contracted 3.8% in March over the previous month in seasonally-adjusted terms, which marked the sharpest decline since September 2012. The figure contrasted the 2.0% increase recorded in February (previously reported: +2.2% month-on-month) and the 0.5% increase that the markets had expected. According to Statistics Sweden (SCB), the monthly decline came on the back of a large drop in the manufacturing industry, including sizeable losses in electrical equipment and electronic products.
Compared to the same month last year, industrial production swung from a 1.2% expansion in February to a 4.5% decrease in March, which represents the lowest rate in five months. Annual average growth in industrial production fell from minus 3.0% in February to minus 3.3% in March.
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: Carl Kelly, Economist