Production for the Swedish business sector up in August more than expected
Tuesday, 15 October 2013
Swedish business have seen their production increased by 1.0 percent in August compared to July in seasonally adjusted figures.
In the official figures presented by Statistic Sweden (SCB), comparing August with the same month last year, production for the business sector decreased by 0.8 percent in working day adjusted figures.
Production for the business sector increased by 1.0 percent in August compared to July. Service production increased by 1.7 percent and production in construction increased by 4.8 percent. The weakest development was seen in the industrial production sector which decreased by 2.8 percent.
Analysts such as Nordea bank agree that the Statistics Sweden’s indicator for production in the business sector came out somewhat stronger than forecast. “Production rose by 1.0 percent on the month, compared to our call at 0.5 percent. The year-on-year figure was -0.8 percent, well above our forecast at -1.5 percent,” writes Nordea in a statement.
When comparing the most recent three-month period of June-August with the previous three-month period of March-June, production in the business sector decreased by 0.2 percent. Industrial production decreased by 0.5 percent, production in construction decreased by 0.4 percent while service production had a marginal decrease. The figures are working day adjusted and seasonally adjusted.
The only new data in today’s report is production in the construction sector, which rose swiftly by around 5 percent on the month as well as over the year. This was far stronger than forecast and explains the stronger than expected production reading for the total business sector.
By Scancomark.com Team