Norway: Industrial activity remains broadly unchanged in May
July 7, 2021
Industrial output dropped 0.3% month-on-month in seasonally-adjusted terms in May (April: -0.1% mom). The sharper drop was largely driven by a deterioration in electricity, gas and steam output, while extraction and related services production—which accounts for around 65% of industrial output in Norway contracted at April’s rate. In contrast, manufacturing, mining and quarrying output dropped at a softer pace.
On a seasonally- and calendar-adjusted annual basis, industrial production increased 2.1% in May, which was above April’s 0.9% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 3.2%, down from April's 3.3%.
Author: Marta Casanovas , Junior Economist