Norway: Industrial production contracts in July
September 7, 2015
In July, industrial output fell 1.5% over the previous month in seasonally-adjusted terms, which was a sharp deterioration over the 3.5% increase tallied in June and marked the lowest figure in three months. July’s contraction came amid the largest decline in the electricity, gas and steam component in 11 months. Manufacturing and oil and gas extraction observed more modest contractions.
On an annual basis, industrial production in June grew 2.8% in working-day adjusted terms. The reading was unchanged from the 2.8% expansion tallied in the previous month. Annual average growth in industrial production increased in July, climbing from June’s 2.7% increase to 3.2%.
Author: Robert Hill, Economist