Swedish businesses experienced a rise in inventories during the first quarter of 2023. According to the latest statistical data from SCB, inventories increased by SEK 16.4 billion in constant prices compared to the previous quarter, representing a 2.9% growth in volume.
The revised figures show adjustments in the values for industrial sectors (05-33) and related aggregates, such as B+C+G, B+C, B, C, and the five MIG groups (Main industrial grouping).
The correction affects various inventory types, including work in progress, finished goods, commercial goods, and the overall inventory.
Specifically, industrial inventories demonstrated an upswing, with inventories of work in progress, finished goods, and commercial goods growing by SEK 8.4 billion. Additionally, inventories of raw materials and supplies across the entire industry increased by SEK 2.5 billion. In total, industrial inventories rose by SEK 10.9 billion in the first quarter.
Within the trade sector, inventories also experienced an expansion. Companies engaged in trade activities witnessed an increase of SEK 5.5 billion in their inventories. The motor trade sector saw the most significant growth, with inventories surging by SEK 3.0 billion. Meanwhile, inventories within the wholesale trade sector increased by SEK 1.5 billion, and the retail trade sector saw a rise of SEK 1.0 billion.
It is important to note that the data for the first quarter of 2023 remains preliminary. Notably, revisions were made to the change in industrial inventories for the fourth quarter of 2022, which has been adjusted upward by SEK 1.2 billion to reflect an increase of SEK 1.8 billion. Similarly, revisions were made to trade inventories for the same period, with the change revised upward by SEK 1.7 billion, resulting in a decrease of SEK 9.6 billion.
Overall, the increase in inventories during Q1 2023 signifies the changing dynamics of Swedish businesses, highlighting the importance of monitoring and analyzing inventory trends for economic assessment and decision-making.