Norway: Industrial output bounces back in July
September 7, 2022
Industrial output increased 1.5% in month-on-month seasonally-adjusted terms in July, which contrasted June's 1.4% decrease. The notable turnaround was partly driven by a strong rebound in extraction and related services—which accounts for around 65% of industrial output in Norway—output. In addition, manufacturing, mining and quarrying production improved.
On an annual basis, industrial production rose at a more moderate pace of 1.8% in working-day adjusted terms in July (June: +2.3% yoy), the weakest result since February. Still, annual average industrial production growth rose to 3.3% in July (June: +3.2%). This signals an improving trend in the industrial sector.