Norway: Industrial output deteriorates in May
July 7, 2020
Industrial output declined 1.0% month-on-month in seasonally-adjusted terms in May, which followed April's 0.7% decrease.
May's deterioration came on the back of contractions in manufacturing, mining and quarrying, and electricity, gas and steam production. However, extraction and related services production—which accounts for around 65% of industrial production in Norway—returned to growth, albeit mildly.
On an annual basis, industrial production increased 3.0% in seasonally-adjusted terms in May, which was notably below April’s 5.4% expansion. Meanwhile, the trend improved with the annual average variation of industrial production coming in at minus 1.3%, up from April's minus 1.7% reading.
Author: Stephen Vogado, Economist