In June, industrial output expanded a seasonally adjusted 0.6% over the previous month, which followed the 1.7% rise tallied in May. According to Statistics Norway, the moderation was mainly driven by a fall in the production of electricity, gas and steam as well as softer growth in extraction and related services. On the other hand, the manufacturing, mining and quarrying sector improved. On an annual basis, industrial production grew 7.7% in working-day adjusted terms, following the robust 13.0% rise observed in May, which had marked the strongest reading since June 1994. As a result, the trend is pointing up, with annual average growth in industrial production rising from 1.5% in May to 2.5% in June.
Industrial production continues to moderate in June
August 9, 2012
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Norway Industry Chart
Note: Month-on-month seasonally adjusted and year-on-year changes of industrial production index in %.
Source: Statistics Norway (SN).
Norway Economic News
October 10, 2016
In September, consumer prices climbed 0.3% from the previous month, which contrasted August’s reading (-0.5% month-on-month) but undershot market expectations of a 0.7% increase.
October 7, 2016
In August, industrial production decreased 4.7% over the previous month in seasonally-adjusted terms, which contrasted the 4.7% expansion recorded in July and marked the lowest reading since April 2015.
September 22, 2016
At its 21 September policy meeting, Norges Bank (NB) decided to leave its key policy rate at the all-time low of 0.50%, as was expected by market participants. Norges Bank noted that global growth was moderate and that in the medium term import demand from its main trading partners will be lower than previously expected.
September 9, 2016
In August, consumer prices dropped 0.5% over the previous month, which contrasted July’s reading (+0.6% month-on-month) and undershot market expectations of a 0.4% drop.
September 7, 2016
In July, industrial production expanded 5.5% over the previous month in seasonally-adjusted terms, which marked a rebound from the 4.7% fall recorded in June and represented the highest reading since October 2012.