Norway Industry

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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%.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 0.8% in 2015, which is down 0.3 percentage points over the previous month’s estimate. In 2016, the panel sees industrial production climbing 1.0%.


Author:, Economist

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Norway Industry July 2015 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Norway (SN).


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