Norway Industrial Production May 2021

Norway

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%.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 3.9% in 2021, which is up 0.4 percentage points from last month’s projection, and to expand 3.1% in 2022.


Author:, Junior Economist

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Norway Industry May 2021

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).


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