Norway Industry June 2017

Norway

Norway: Industrial production bounces back in June

August 7, 2017

In June, industrial production rose 0.3% from the previous month in seasonally-adjusted terms, bouncing back from May’s 0.7% fall, according to Statistics Norway’s index of industrial production.

June’s result was driven by a strong month-on-month rebound in the extraction and related services sector, which accounts for 67.1% of the index. The print, however, was weighed down by steeper contractions in the manufacturing and electricity sector and the gas and steam sector.

In annual terms, industrial production expanded 5.4% in June, compared to 0.5% growth in May. The result was the strongest in over one year. Annual average growth in industrial production now stands at minus 0.6%, up from minus 1.6% in May.

FocusEconomics Consensus Forecast panelists project that industrial production will grow 1.4% in 2017, which is down 0.2 percentage points from last month’s projection, and 1.3% in 2018.


Author:, Economist

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Norway Industry June 2017 0

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


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