Sweden: Industrial activity records largest decline in over one year in August
Industrial production decreased 2.6% month-on-month in seasonally-adjusted terms in August (July: -0.4% mom). The result marked the steepest drop since April 2020 and was partly driven by a deterioration in manufacturing production.
On an annual basis, factory output increased 1.0% in August, which was significantly below July’s 12.7% expansion and marked the worst result since November 2020. Meanwhile, annual average industrial production growth rose to 6.6% in August (July: +6.4%). This signals an improving trend in the industrial sector.