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Norway Industrial production May 2024

Norway: Industrial output rebounds in May

Industrial output grew 0.2% in month-on-month seasonally adjusted terms in May, which contrasted April’s 0.4% decrease. Looking at the details of the release, the turnaround was largely due to rebounds in extraction and related services—which account for over 80% of industrial output in Norway—and manufacturing production.

On an annual basis, factory output rose at a quicker rate of 5.9% in calendar-adjusted terms in May (April: +3.4% yoy). Accordingly, annual average industrial production growth rose to 1.6% in May (April: +0.8%), signaling an improving trend in the industrial sector.

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