Norway: Industrial production falls in April
June 5, 2020
Industrial output fell 0.8% month-on-month in seasonally-adjusted terms in April (March: +1.4% mom).
April’s deterioration was largely driven by a contraction in extraction and related services—which accounts for around 65% of industrial production in Norway—while electricity, gas and steam output slowed in the month. However, the overall downturn was softened by a milder fall in manufacturing, mining and quarrying output compared with the prior month.
On an annual basis, industrial output rose 5.4% in April, which was notably below March’s 7.6% expansion. Meanwhile, the trend improved somewhat, with the annual average variation of industrial production coming in at minus 1.7% in April, up from March's minus 2.5% reading.
Author: Stephen Vogado, Economist