The 8% y/y increase in Swiss industrial production in Q3 masked a “two speed” sector, in which pharmaceutical production is trending up but German-facing firms are struggling. Meanwhile, after a bumper year of investment in the oil and gas sector, energy firms in Norway looks set to end the year on a high note. Looking ahead, we expect data released next week to show that the Swiss and Swedish economies contracted in Q3, and that growth slowed sharply in quarterly terms in Denmark and Finland.
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