Sweden’s industrial output shrinks the most since July 2023

Sweden’s industrial production has contracted at the steepest annual rate since July 2023 in April, data showed on Monday.

Industrial production has decreased 4.4% year-on-year in April, following a revised down 2% expansion in March.

In April, manufacturing output shrank 5.3% YoY after a 1.5% growth in the preceding month, Statistics Sweden reported.

Meanwhile, production growth picked up for mining & quarrying (13.8% YoY compared to 11.2% YoY in March).

In seasonally adjusted monthly terms, the nation’s industrial production dropped 2.4% in April, following a revised down 0.9% growth in March.

The Swedish Krona was last 0.24% weaker on the day against the US Dollar, with the USD/SEK currency pair trading at 10.5531.

The exotic Forex pair has eased from a one-week high of 10.5889, which it registered earlier in the session.