Norway: Industrial output growth ebbs in August
Industrial output expanded 0.5% in month-on-month seasonally adjusted terms in August, which was a deterioration from July’s 2.1% increase. Looking at the details of the release, the notable deceleration was largely due to a deterioration in extraction and related services—which account for around 75% of industrial output in Norway. This more than offset manufacturing output returning to growth and electricity, gas and steam production accelerating.
On an annual basis, industrial production plunged 8.7% in calendar-adjusted terms in August, which was notably greater than July’s 1.5% fall. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.8%, down from July’s minus 2.7% reading.