Swedish industrial production rises sequentially and year-on-year in May

Swedish industrial production rose in May. On a sequential basis, the nation’s industrial production grew 2.1 percent in the month, seasonally adjusted, showed Statistics Sweden. Meanwhile, on a year-on-year basis, industrial production grew 8 percent.

Looking at the industry sub-sectors, the biggest rise compared with the earlier month was in the petroleum products’ industry. This rise is greatly because of a revision of the earlier month’s figures. Thereafter, the motor vehicle industry indicated the largest rise, while the biggest drop was witnessed in the industry for non-metallic mineral products. In the March to May 2017 period, industrial production rose 1.3 percent compared with the earlier three-month period in seasonally adjusted figures.

Meanwhile, on an annual basis, a majority of the industry’s sub-sectors showed a positive development. The most solid rise was witnessed in the motor vehicle industry. The data for May are preliminary.

April’s industrial production figures were upwardly revised by 1.1 percentage points to a drop of 1.3 percent. The change in production in April on a year-on-year basis has been downwardly revised by 0.4 percentage points to a rise of 0.4 percent.