- Industrial production fell back as expected. Given November surge trend is rather strong
- Order intakes boosted by military aircraft order from Swed. Gov., also as we expected
- Biggest surprise today was service sector prod. that came in much weaker than expected
- Overall, we see downside risk to Riksbank GDP Q4 forecast at 0.7% q/q
Details, December
Manufacturing
Production y/y: 0.1 % (Nordea -0.5%; consensus 0.8%; prior 3.2% revised from 3.5%)
Production m/m: -1.0 % (Nordea -1.5%; consensus -0.5%; prior 5.5% revised from 5.7%)
Order intake y/y: 14.7 %
Order intake m/m: 15.4 %
Private services sector
Production y/y: -0.5% (Nordea 2.0%; consensus 2.0%; prior 0.9%)
Production m/m: -1.5% (Nordea 0.5%; consensus 0.4%; prior 0.5%)
Nordea