Norway: Industrial output retreats in July
September 7, 2018
According to Statistics Norway, industrial production fell a seasonally-adjusted 2.4% over the previous month in July, contrasting June’s expansion of 4.7%.
The downturn came on the back of lower output in the extraction and related services sector—the largest industrial sector in Norway. On the other hand, growth in the manufacturing, mining and quarrying sectors was at 0.8% in July, a notable improvement from the flat reading in June. Production in the electricity, gas and steam sector also expanded in July, contrasting the decrease recorded in June.
In annual terms when adjusted for working days, industrial production fell 0.8% in July, a deterioration from the 2.9% growth posted in June. Annual average growth in industrial production moderated to 1.6% in July from 1.7% in June.
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.
Author: Edward Gardner, Economist