Norway: Decline in industrial activity softens in June
Latest reading: Industrial production declined 0.1% month on month in seasonally adjusted terms in June (May: -0.5% mom s.a.). Looking at the details of the release, June’s milder fall was largely driven by an improvement in extraction and related services—which account for over 80% of industrial output in Norway. In addition, manufacturing production fell at a more moderate rate.
On an annual basis, factory output dove 7.1% in calendar-adjusted terms in June, which was significantly greater than May’s 0.4% fall and marking the worst result since September 2023. Accordingly, the trend pointed down, with the annual average variation of industrial production flatlining, down from May’s plus 1.7%.