Norway: Industrial output rebounds in June
Industrial output increased 0.2% month on month in seasonally adjusted terms in June (May: -3.4% s.a. mom). Looking at the details of the release, June’s reading was driven by an improvement in extraction and related services—which accounts for around 75% of industrial output in Norway. In contrast, manufacturing activity was flat, while mining and quarrying output weakened.
On an annual basis, factory output nosedived 11.0% in calendar adjusted terms in June (May: -11.1% yoy). Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.5%, down from May’s minus 1.4%.