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Norway Industrial production July 2023

Norway: Industrial output grows at quickest pace since in nearly a year in July

Industrial output grew 2.3% in month-on-month seasonally adjusted terms in July, which was above June’s 0.5% increase. The acceleration marked the best reading since August 2022. Looking at the details of the release, the upturn was due to faster growth in extraction and related services—which account for around 75% of industrial output in Norway. This more than offset electricity, gas and steam output growth waning and manufacturing production falling at a steeper pace.

On an annual basis, factory output decreased 1.5% in calendar adjusted terms in July, easing from June’s 11.0% fall and marking the best result since December 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.7%, down from June’s minus 2.5% reading.

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