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.
Author: Edward Gardner, Economist