Norway: Industrial activity drops at sharpest rate since November 2021 in June
Industrial output slid 1.7% in month-on-month seasonally-adjusted terms in June, which contrasted May’s 1.1% increase. The outturn marked the worst reading since November 2021. Looking at the details of the release, the reading was chiefly driven by a deterioration in extraction and related services—which account for around 65% of industrial output in Norway—output. This more than offset the rebound in manufacturing, and mining and quarrying production.
On an annual basis, industrial production rose at a softer pace of 2.3% in working-day adjusted terms in June (May: +4.9% yoy). As a result, the trend pointed down, with the annual average growth of industrial production coming in at 3.2% in June, down from May’s 3.4% reading.