Sweden: Industrial production plummets in September
November 9, 2012
In September, industrial production declined 4.1% over the previous month in seasonally and working-day adjusted terms. The decrease contrasted the revised flat growth rate tallied in August (previously reported: +0.4% month-on-month) and represented the largest drop in output since February. According to Statistics Sweden (SCB), the majority of the sub-sectors contracted in September. Compared to the same month last year, industrial production fell a working-day adjusted 5.0%, which contrasted the 2.7% increase observed in August and was below the 0.1% decrease expected by the market. As a result of the negative reading, the trend continues to point downwards, with annual average growth falling from minus 1.3% in August to 1.9% in September.