Sweden: Industrial production declines in October
December 10, 2013
In October, industrial production fell a seasonally and working-day adjusted 1.7% over the previous month, which marked a deterioration over the flat reading observed in September. In addition, the result significantly undershot the 0.9% increase the markets had expected. According to Statistics Sweden (SCB), the monthly decrease came on the back of a deterioration in the mines, quarries and manufacturing industry, as well as in the chemicals and pharmaceutical products industry.
Compared to the same month last year, industrial production dropped 5.0% in working-day adjusted terms, which was well below the 0.9% contraction recorded in September. Annual average growth in industrial production remained at the previous month's 4.1%.
FocusEconomics Consensus Forecast panelists see industrial production contracting 0.2% in 2013, which is up 0.1 percentage points from the previous month's estimate. For 2014, the panel expects industrial production to increase 3.4%, which is down 0.4 percentage points from last month's projection.
Author: Dirina Mançellari, Senior Economist