Sluggish Swedish production

Statistics Sweden’s indicator for production in the business sector came in just as expected. In June, production decreased by 1.0% y/y in calendar adjusted terms, but picked up by 0.5% over the month.

Figures for manufacturing industry and private service sector were already known (-4.7% y/y and +0.1 % y/y respectively). The only news in today’s report is production in the construction sector, which rose by 3.0% y/y.

The monthly production data covers more than 70% of the economy and the indicator therefore provides guidance to GDP. As today’s figures came in largely as expected, they do not suggest any revisions to GDP Q2. Our overall picture is that we’ve passed the bottom and that production will gradually increase during the autumn.

Details, production in the business sector, June:
y/y: -1.0% (Nordea -1%; May -1.3% revised from -1.0%)
m/m: 0.5% (Nordea 0.5%; May -0.1% revised from 0.1%)



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