Industrial activity contracts at sharpest pace since August 2022 in June
Industrial output decreased 4.4% in month-on-month seasonally adjusted terms in June, which contrasted May’s 0.2% increase. June’s downturn marked the worst reading since August 2022. Looking at the details of the release, the notable deterioration reflected manufacturing output shrinking markedly in June, and mining output swung to contraction.
On an annual basis, factory output fell 2.6% in June (May: +4.5% yoy), the worst result since July 2020. Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 3.1% in June, down from May’s 3.5% reading.
Sweden Industry Chart
Sweden Industry Data
|Industrial Production (ann. var. %)||2.6||2.4||-4.9||7.0||2.1|