Norway: Industrial output growth dips in August
October 7, 2020
Industrial production increased 1.1% calendar-adjusted month-on-month basis in August, slowing somewhat from July’s 2.5% outturn.
Looking at the details of the release, the moderation came on the back of a slowdown in extraction and related services—which accounts for around 65% of industrial production in Norway—and a contraction in electricity, gas and steam output. However, output in the manufacturing, mining and quarrying sector accelerated in August, tempering the overall slowdown somewhat.
On an annual basis, industrial production grew 8.3% in seasonally-adjusted terms in August, which was better than July’s 7.4% expansion and marked the best result since September 2017. Accordingly, the trend improved significantly, with the annual average growth of industrial production coming in at plus 2.3%, up from July's 0.8% reading.
Author: Stephen Vogado, Economist