Norway: Industrial production continues to moderate in June
August 9, 2012
In June, industrial output expanded a seasonally adjusted 0.6% over the previous month, which followed the 1.7% rise tallied in May. According to Statistics Norway, the moderation was mainly driven by a fall in the production of electricity, gas and steam as well as softer growth in extraction and related services. On the other hand, the manufacturing, mining and quarrying sector improved. On an annual basis, industrial production grew 7.7% in working-day adjusted terms, following the robust 13.0% rise observed in May, which had marked the strongest reading since June 1994. As a result, the trend is pointing up, with annual average growth in industrial production rising from 1.5% in May to 2.5% in June.