In an extra press release, Statistics Sweden announced that figures for manufacturing production have been revised. Production for July is revised up to -3.7% y/y from -5.2% y/y. The monthly growth rate is revised to +0.7% from -0.4%. The revision is due to new information regarding the mining industry. All other months are unchanged.
As a consequence, the monthly production reading for the total business sector is also revised for July, to -0.6% from -0.8% m/m, and to -1.4 y/y from -1.7% y/y. Thus, there is still a weak start on Q3, but less so than previously stated. This has no implication on the Riksbank’s rate decision on 4 September, as the first press release for the July manufacturing production was published the 10 September.
Nordea