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Financial News: Sweden Industrial Production Falls In May

Sweden Industrial Production Falls In May

07/07/2020 - 05:39:00 (RTTNews)

(RTTNews) - Sweden's industrial production decreased sharply, albeit at a slightly slower pace, for the second month in a row in May, data from Statistics Sweden showed on Tuesday.

Industrial production fell a calendar-adjusted 15.5 percent year-on-year in May, following a 16.5 percent decline in April.

The overall private sector output fell 10.0 percent year-on-year in May.

The largest downward contribution to total private sector development came from the motor vehicle industry, where output decreased by 49.8 percent year-on-year and contributed -1.8 percentage points.

Construction output declined 2.1 percent annually in May, while services output fell 9.4 percent.

On a month-on-month basis, industrial production rose 0.5 percent in May, after a 15.6 percent fall in the prior month.

The total private sector output declined 0.4 percent from the previous month.

Separate data from the statistical office revealed that industrial orders fell a calendar adjusted 18.4 percent annually in May.

Orders received from the domestic market decreased 13.7 percent in April, and those from foreign markets fell 25.9 percent.

On a month-on-month basis, industrial orders rose a seasonally adjusted 4.5 percent in May.

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