Norway Industrial production June 2020

Norway

Norway: Industrial output in June drops at sharpest rate since January

August 7, 2020

Industrial output fell 2.2% month-on-month in seasonally-adjusted terms in June, which was a larger contraction than May's 0.9% decrease. The figure marked the worst reading since January.

The reading was primarily driven by a fall in extraction and related services, which accounts for around 65% of industrial production in Norway. In addition, electricity, gas and steam output contracted at a sharper rate.

On an annual basis, industrial output grew 3.1% in seasonally-adjusted terms in June, which matched May’s expansion and thus marked the joint-worst result since January. Meanwhile, the trend improved significantly, with the annual average variation of industrial production coming in at minus 0.3%, up from May's minus 1.3%.

FocusEconomics Consensus Forecast panelists project that industrial production will decrease 1.2% in 2020, which is up 0.9 percentage points from last month’s projection, and to expand 3.3% in 2021.


Author:, Economist

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Norway Industry June 20 20

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


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