Norway Industrial Production July 2022

Norway

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.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.3% in 2022, which is down 0.1 percentage points from last month’s projection, and to expand 2.2% in 2023.


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Norway Industry July 2022

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


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