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Norway Industrial production May 2023

Norway: Industrial activity deteriorates in May

Industrial output fell 3.2% in month-on-month seasonally adjusted terms in May, which contrasted April’s 0.6% increase. Looking at the details of the release, May’s figure was partly driven by a deterioration in extraction and related services—which account for around 65% of industrial output in Norway. Moreover, electricity, gas and steam production also declined. These developments more than offset improving manufacturing output and flat mining and quarrying production.

On an annual basis, industrial output plummeted 11.1% in May, which was well greater than April’s 4.9% fall and marking the worst result since September 2016. Consequently, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.4%, down from April’s minus 0.1%.

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