Norway: Industrial output rebounds in June
August 7, 2018
According to Statistics Norway, industrial production rebounded a seasonally-adjusted 4.7% over the previous month in June, up from May’s 0.9% contraction and returning to expansion following four consecutive months of declining industrial output. All told, industrial production fell 1.1% on a quarter-on-quarter seasonally-adjusted basis in the second quarter (Q1: +2.6% quarter-on-quarter).
The recovery in June came on the back of a double-digit rebound in the extraction and related services sector—the largest industrial sector in Norway. Meanwhile, growth in the manufacturing, mining and quarrying sectors came in flat in June following a contraction in May. Production in the electricity, gas and steam sector, however, contracted for the fourth month running in June.
In annual terms, industrial production increased 2.9% in June, swinging from a 1.6% drop in May. Annual average growth in industrial production moderated to 1.6% in June from 1.9% in May.
Norway Industrial Production Forecast
FocusEconomics Consensus Forecast panelists project that industrial production will grow 2.5% in 2018, which is up 0.6 percentage points from last month’s projection, and 2.3% in 2019.