Sweden: Industrial activity deteriorates in June
Industrial output—excluding energy—declined 0.7% month on month in seasonally adjusted terms in June (May: +1.2% mom). Looking at the details of the release, the downturn was due to mining output swinging to a contraction. Moreover, manufacturing output growth decelerated to a near halt in June.
On an annual basis, factory output rebounded, rising 0.8% in June (May: -2.9% yoy). Accordingly, the trend improved modestly, with the annual average variation of industrial production coming in at minus 0.6% in June, up from May’s minus 0.9%.