Norway Industrial production May 2020

Norway

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.

FocusEconomics Consensus Forecast panelists project that industrial production will decrease 2.1% in 2020, which is up 2.3 percentage points from last month’s projection, and to expand 3.2% in 2021.


Author:, Economist

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Norway Industry May 20 20

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


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