Norway: Industrial production contracts in June
August 8, 2019
Industrial production declined a seasonally-adjusted 1.4% in June from the previous month, contrasting May’s 0.6% increase. June’s decrease was driven by a sharp fall in output from the extraction and related services sector, which accounts for over half of industry in Norway. Moreover, the mining and quarrying, manufacturing, and electricity, gas and steam sectors also fell in June over the month prior.
Looking at industrial production in annual terms when adjusted for working days, output dropped 8.6% in June, down from the 2.5% fall in May. The annual average change in industrial production slipped to -1.7% in June, down from the 0.7% fall in May.
Author: Steven Burke, Economist