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Sweden: Industrial output contracts at sharpest pace in seven months in July
Latest reading: Industrial output—excluding energy—nosedived 6.6% in month-on-month seasonally adjusted terms in July, which contrasted June’s 7.3% increase. The result marked the worst reading since January. Looking at the details of the release, July’s downturn was largely driven by a deterioration in manufacturing output. In addition, mining production contracted heavily.
On an annual basis, industrial output increased 4.1% in calendar-adjuster terms in July, which was well below June’s 14.6% expansion. Still, the trend improved, with the annual average growth of industrial production coming in at 2.7%, up from June’s 2.2% reading.
