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.
Author: Stephen Vogado, Economist