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%.
Author: Stephen Vogado, Economist