Sweden: Industrial production improves in September
November 8, 2013
In September, industrial production was unchanged over the previous month in seasonally and working-day adjusted terms. The figure marked an improvement over the revised 1.4% contraction recorded in August (previously reported: -2.3% month-on-month). In addition, the result significantly undershot the 1.3% increase the markets had expected. According to Statistics Sweden (SCB), the flat figure was mainly the result of an increase in electronics and manufacturing, which completely offset the drop in refinery and machinery.
Compared to the same month last year, industrial production fell 0.9% in working-day adjusted terms, which was well above the revised 7.1% contraction observed in August (previously reported: -6.9% year-on-year). As a result of the annual reading, annual average growth in industrial production edged up from minus 4.4% in August to minus 4.1% in September.
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