Sweden’s industrial production grew 1.9% year-on-year in January 2026, easing from a downwardly revised 2.3% increase in December. This was the weakest expansion in industrial activity since September 2024, largely reflecting a 6.7% decline in mining output (compared with a 7.3% drop in December). The contraction was driven in particular by metal ore mining, which fell 2.6% after a 7.8% rise in the previous month, and by other mining and quarrying, where output plunged 18.8% following a modest 0.9% decline.
By contrast, manufacturing output maintained a steady pace of growth at 2.2% year-on-year. The strongest improvements were seen in the manufacture of coke and refined petroleum products (up 9% versus a 9.4% decrease in December), chemicals, chemical products and pharmaceuticals (up 7.8% versus a 0.7% decline), and fabricated metal products (up 6.3% versus 2.7% previously).
On a seasonally adjusted monthly basis, total industrial output fell 5.7% in January, reversing a downwardly revised 3.9% increase in the preceding month.
