Sweden - Industrial Production





Sweden: Industrial Production

Mnemonic IP.ISWE
Unit Ch. Vol. Index 2015=100, WDASA
Adjustments Working Day Adjusted and Seasonally Adjusted
Monthly 0.78 %
Data Feb 2024 102.4
Jan 2024 103.2

Series Information

Source Statistics Sweden
Release Industrial production index (IPI)
Frequency Monthly
Start Date 1/31/1990
End Date 2/29/2024

Sweden: Business

Reference Last Previous Units Frequency
Business Confidence Mar 2024 -1.6 -0.2 SA Monthly
Industrial Production Feb 2024 102.4 103.2 Ch. Vol. Index 2015=100, WDASA Monthly
Capacity Utilization 2023 Q4 83.9 84.3 %, SA Quarterly
Change in Inventories 2023 Q4 -16,186 -11,565 Mil. SEK, NSA Quarterly

Release Information

For Sweden, the monthly change in the volume of industrial production.

  • The index is based on a survey which covers enterprises with 10 or more employees in mining and manufacturing and 2,200 kind-of-activity units, as well as selected commodities. The data used for calculations include: physical production (20%); hours worked (5%); and delivery volumes (75%). A Laspeyres chain index is used for the production data. Delivery volumes are based on delivery values, deflated by the producer prices index.
    The weights used for aggregation are the value added in the previous year. Missing data are imputed by various means.
  • Data are published in both a seasonally adjusted format and adjusted for the number of working days in the various months.

From reference period 2017m9, the "Production Value Index (PVI)" replaced the "Industrial Production Index," "Index of Service Production" and "Business Production Index." The PVI describes developments in the private sector production of goods and services each month. Production value is a measure used to calculate the GDP that includes net turnover from industry and service production, and the trade margin (revenue from sales minus costs of retail goods).

Active:

  • Classification:
    • Taxonomy: SIC 2007, the local adaptation of NACE Rev. 2
    • Scope: Sections B to D
  • Measurement: Chained volume index relative to 2021 (Ch. Vol. Index 2021=100)
  • Adjustments:
    • Working day adjusted and seasonally adjusted (WDASA)
    • Working day adjusted (WDA)
    • Not seasonally adjusted (NSA)
  • Native frequency: Monthly
  • Start date: Uniformly 2000m2

Predecessors:

  • 2015=100 - 2000m1 to {2022m12 ... 2024m2} ("_15")
  • 2010=100 - 2000m1 to 2017m12 ("_10")
  • 2005=100 - {1990m1, 2000m1} to 2012m12 ("05")
  • 2000=100 - 1990m1 to 2008m12 ("00")
  • 1995=100 - 1990m1 to 2003m9 ("IPI95")

The source writes:

Source data collection programs

  • Data source: The index is based on a survey which covers enterprises with 10 or more employees in mining and manufacturing.
  • Nature of indicators used: 75 percent of the basic series consist of deflated delivery data, 20 percent measure output in physical quantities and 5 percent consist of hours worked. Delivery volumes are based on delivery values, deflated by the producer prices index.
  • Nature of weights: Value added in the previous year.
  • Sources of weights: Based on an annual survey of industrial production in manufacturing and the National Accounts.
  • Period of current index weights: Previous year.
  • Frequency of weight updates: Every year.
  • Item selection: Not applicable.
  • Unit selection: Data on delivery is collected by a monthly survey. Businesses with at least 10 employees are selected from the Business Register of Statistics Sweden according to their main activity. The survey includes all businesses with employment greater than 500. Below this threshold, stratified random sampling is used.
  • Sample sizes: Around 2200 kind-of-activity units in the delivery-survey.
  • Data collection methods: Data on delivery is collected by a monthly mail questionnaire. Information on physical output is collected from businesses and trade associations, and hours worked is collected by a monthly mail questionnaire to about 8000 businesses with at least 5 employees.

Source data statistical techniques

  • Computation of lowest level indices: The lowest level indices are obtained at NACE Rev 1 2-, 3- and 4-digit level depending on the information available.
  • Aggregation: Laspeyres chain index.
  • Linking of re-weighted index to historical index: New weights are used to re-calculate the series as far back as is necessary, usually about five years.
  • Reference period: 2015 = 100.
  • Procedures for non-response: Rates of response over 90 percent weighted. Imputations for non-respondents are made by various means based on previous replies and/or on the replies of other businesses.
  • Missing data are imputed by various means.

Other statistical procedures

  • Introducing new units: New units are not introduced during the sample year. A new stratified random sample is drawn annually in March.
  • Verification of data: Accuracy and reliability of data is verified on business level, as well as on the aggregated level.
  • Verification of processing: No special procedure exists at present.
  • Seasonally adjusted indices: Seasonally adjusted data (using TRAMO/SEATS) are published at the 2-, 3- or 4-digit level depending on the business category.
  • Consistency with other indicators of industrial production: The production index is compared with indices of turnover and new orders on a monthly basis.

Changes to methodology

April 2015: Unspecified changes that caused revisions. Series were recalculated back to 2000 to decrease level shifts and breaks.

January 2021: Changes to branches 07 (metal ore mines) and 30 (industry for other transport equipment). Revised from 2015m1.

November 2021: Changes to branches 10-12 (food products, etc.), 19 (petroleum industry), and 17.11 (pulp industry). Revised from 2014m9.

April 2023: For SMEs in branches 07-33, uses calculated turnover from declared VAT data to the Swedish Tax Agency.

June 2023: Changes to the statistical kind-of-activity unit.

Moody's Analytics supplements

For the all-items index, CDASA variant, we back-extend to 1990m1 using predecessor(s).

Yes. When the Production Value Index is published for a new month, the indices for the two previous months are also revised, if new information has been added. There are other revisions related to refreshing the sample.

The index base year is advanced every fifth year.

For other revisions, see "changes to methodology" above.

December 2023: Branch 27 (electrical equipment) and aggregates thereof. Revised 2023m5 to 2023m7.

April 2024: Branches B (mines and quarries) and C (manufacturing), mainly in 23 (other non-metallic mineral products). Revised from 2023m4 to 2023m12.

  • Sep 2005 - Initial version.
  • Mar 2009 - Rebased from 2000 to 2005.
  • Aug 2009 - Reclassified to NACE Rev. 2.
  • Mar 2013 - Rebased to 2010.
  • Apr 2018 - Rebased to 2015.
  • 14 Dec 2023, Phillip Thorne - Properties.
  • 17 Apr 2024, Phillip Thorne - Rebased to 2021: Properties, Changes to methodology, Revisions.