Norway Industrial production July 2020

Norway

Norway: Industrial output posts quickest growth since February in July

September 7, 2020

Industrial output grew 2.5% month-on-month in seasonally-adjusted terms in July (June: -1.8% mom). The print marked the strongest rise since February.

Looking at the details of the release, July's rebound was broad-based, with extraction and related services—which accounts for around 65% of industrial production in Norway—manufacturing, mining and quarrying and electricity, gas and steam sub-sectors all accelerating.

On an annual basis, industrial output grew 7.4% in seasonally-adjusted terms in July, which was significantly better than June’s 3.1% expansion. Meanwhile, the trend improved greatly, with the annual average variation of industrial production coming in at plus 0.8%, up from June's minus 0.3% and marking the first positive trend recorded in 17 months.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 0.7% in 2020, which is up 1.9 percentage points from last month’s projection, and to expand 2.2% in 2021.


Author:, Economist

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Norway Industry July 20 20

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


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