Norway: Industrial output rebounds in May
July 7, 2022
Industrial production rose 0.7% month-on-month in seasonally-adjusted terms in May (April: -0.3% mom). The pickup was largely due to an improvement in extraction and related services—which account for around 65% of industrial output in Norway—production. This more than offset a fall in manufacturing, mining and quarrying output.
On an annual basis, industrial production rose at a quicker rate of 5.1% in working-day adjusted terms in May (April: +3.0% yoy), the best result since October 2021. Accordingly, the trend improved, with annual average industrial production growth coming in at 3.4% in May (April: +3.2%), which marked a six-month high.