Norway: Industrial production contracts in May
Latest reading: Industrial production was down 1.0% in seasonally adjusted month-on-month terms in May, following a 0.6% rise in the previous month.
Relative to the prior month’s data, the reading for extraction and related services—which account for nearly 75% of industrial output in Norway—softened in May (-2.6% on a seasonally adjusted month-on-month basis vs +0.8% in April). In contrast, readings picked up for manufacturing (+0.7% vs -0.6% in April) and electricity, gas and steam (+13.7% vs +1.0% in April).
In working-day adjusted year-on-year terms, industrial production rose 0.5% in May, following 1.2% growth in the previous month.