Norway: Industrial output contract for fourth consecutive month in May
July 6, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 0.9% from the previous month in May, more than April’s contraction of 1.4%. This represents the fourth consecutive month of declining industrial output in Norway.
May’s contraction came on the back of declining output in the extraction and related services sector—the largest industrial sector in Norway. Moreover, the manufacturing, mining and quarrying sectors recorded output contractions in May. On the other hand, production in the electricity, gas and steam sector increased in May.
In year-on-year terms, industrial production declined 1.6% in May, slightly less than the 1.9% decline in April. Annual average growth in industrial production moderated to 1.9% in May from 2.0% in April.
Author: Edward Gardner, Economist