Norway Industrial Production May 2022

Norway

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.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.3% in 2022, which is up 0.4 percentage points from last month’s projection, and to expand 2.3% in 2023.


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Norway Industry May 2022

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


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