Norway: Industrial output deteriorates in April
Industrial output slid 0.5% in month-on-month seasonally-adjusted terms in April, which contrasted March’s 2.5% increase. Looking at the details of the release, the notable deterioration came on the back of drops in extraction and related services—which account for around 65% of industrial output in Norway—and electricity, gas and steam output.
On an annual basis, industrial production increased 3.0% in working-day adjusted terms in April, matching March’s expansion. Meanwhile, the trend improved modestly, with the annual average growth of industrial production coming in at 3.2%, up from March’s 3.0% reading.