Sweden: Industrial output stumbles in January
Latest reading: Industrial output—excluding energy—shrunk at the fastest pace since August 2022 in January, clocking a 6.3% month-on-month seasonally and calendar-adjusted downturn and deteriorating from December’s 5.7% print. Looking at the details of the release, manufacturing output swung into a steep contraction, outweighing a near-20% increase in the mining and quarrying sector.
On an annual basis, industrial output fell 1.5% in calendar-adjusted terms in January, deteriorating from December’s 8.6%. As a result, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.8%, above December’s minus 0.6% reading.