Norway: Industrial output growth slows in July
Industrial production growth flatlined month-on-month in seasonally-adjusted terms in July (June: +1.0% mom). Looking at the details of the release, the weakening was largely due to slower growth in extraction and related services production—which accounts for around 65% of industrial output in Norway. In addition, manufacturing, mining and quarrying production swung to a contraction in July..
On a seasonally- and calendar-adjusted annual basis, factory output rose at a more moderate pace of 1.3% in July (June: +4.3% yoy). Accordingly, the trend pointed down slightly, with annual average industrial production growth dropping to 2.7% in July (June: +3.1%).