Norway Industry July 2018

Norway

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:, Economist

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Norway Industry Chart


Norway Industry July 2018

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).


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