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Insufficient Demand Drives Industrial Capacity Underutilisation In Q1

SWEDEN
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Swedish first quarter industrial capacity utilisation was 88.6% (vs 88.4% in Q4 ’23, 90.6% in Q1 ’23). The 2000-2019 average for this series is 88.4%.

  • Of those firms reporting less than 100% capacity utilisation, 60% assigned “insufficient demand” as the primary reason, up from 53% in Q1 ’23.
  • 22% of firms reported “production disruptions” as the primary reason for their underutilisation. Only 5% of firms assigned “lack of employees” as their main factor.
  • The Riksbank’s own measure of resource utilisation showed similar declines through 2023. In Q1, this indicator printed was -0.21 (i.e. indicating underutilisation).
  • From the March monetary policy report: “As GDP growth increases towards the end of 2024, resource utilisation is expected to gradually return to balance”.

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Swedish first quarter industrial capacity utilisation was 88.6% (vs 88.4% in Q4 ’23, 90.6% in Q1 ’23). The 2000-2019 average for this series is 88.4%.

  • Of those firms reporting less than 100% capacity utilisation, 60% assigned “insufficient demand” as the primary reason, up from 53% in Q1 ’23.
  • 22% of firms reported “production disruptions” as the primary reason for their underutilisation. Only 5% of firms assigned “lack of employees” as their main factor.
  • The Riksbank’s own measure of resource utilisation showed similar declines through 2023. In Q1, this indicator printed was -0.21 (i.e. indicating underutilisation).
  • From the March monetary policy report: “As GDP growth increases towards the end of 2024, resource utilisation is expected to gradually return to balance”.