Den svenske industriproduktion faldt i december med 0,4 pct. Væksten ventes at være lav i begyndelsen af 2020.
Uddrag fra Nordea:
Business sector production declined by -0.4% on the month and was down 0.3% over the year in December. This was weaker than we had expected. Indicators suggest that growth will remain sluggish in the beginning of 2020.
As for Q4, business sector production increased by 0.3% q/q and 1.0% y/y.
The main disappointment in December was the private service sector, for which production was almost unchanged over the year. The construction sector surprised once again on the upside, while the downturn in the manufacturing industry was expected. Order intake declined.
Production in the energy sector was down on the month but unchanged over the year. Energy production will most likely weigh on growth even more in Q1 2020.
All in all, the production data disappointed in December. However, weak GDP readings for Q4 and Q1 2020 have been in the cards for long as the export industry is struggling. For instance, the Riksbank sees GDP growth for Q4 at 0.2 q/q and 0.8 y/y, which is within reach. Thus, the production readings are “dovish” but not a game changer.