Norway Industrial Production July 2021

Norway

Norway: Industrial output growth slows in July

September 7, 2021

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%).

FocusEconomics Consensus Forecast panelists project that industrial production will increase 3.4% in 2021, which is down 0.1 percentage points from last month’s projection, and to expand 3.5% in 2022.


Author:, Junior Economist

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Norway Industry July 2021

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


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