Sweden’s industrial output soars: report

Sweden's industrial output rose by 3.6 percent in January from the December level, pulled by the pharmaceutical and textile industries, Statistics Sweden (Statistiska Centralbyrån, SCB) said on Friday, also revising its 2011 numbers due to a calculation error.

Year-on-year, the Scandinavian country’s industrial production rose 2.1 percent, according to preliminary and seasonally adjusted data from the national statistics agency.

Production in most sectors showed positive development, but the overall rise was especially due to a 28.8-percent rise in pharmaceuticals production in January compared to December, while output in this sector was up 14.5 percent year-on-year.

The textile industry also did its part, raising output by 10.6 percent compared to December and 6.1 percent compared to January 2011.

Statistics Sweden meanwhile announced that it was revising its figures for all months in 2011 “due to an error in the calculations for … (the) electrical equipment industry.”

For the December industrial output, this entailed a downward revision of 0.2 points to a decrease of 0.2 percent compared to November, while the year-on-year number slumped into the red as it was cut by a full 2.4 points to a decrease of 0.4 percent.

The revisions for the other months in 2011 would be published along with the February industrial output figures, Statistics Sweden said.

The changed industrial output figures would also likely affect the calculations of Swedish economic growth last year, it said.

While the gross domestic product (GDP) growth of 6.4 percent, year-on-year, in the first quarter last year is likely to remain unchanged, the second quarter’s reported 5.3-percent growth was likely to revised down by 0.2 points, the statistics agency said, adding that the impact on GDP figures in the third and fourth quarters was still unclear.

Revised estimates for all 2011 quarters will be published along with the

first quarter figures this year on May 30, it said.

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