Norway: Industrial production rebounds in April
Latest reading: Industrial production returned to growth in April, expanding 2.1% month on month in seasonally adjusted terms (March: -0.4% mom s.a.), marking best reading in six months. Looking at the details of the release, oil and gas extraction and related services—which account for over 80% of industrial output in Norway—rose in April after stagnating in March, as did manufacturing production. Moreover, electricity, gas and steam output recovered.
On an annual basis, industrial production increased 0.4% in April on a calendar-adjusted basis after contracting 3.0% in March. Still, annual average industrial production growth dropped to 2.2% in April (March: +2.4%), signaling an improving trend in the industrial sector.