Norway Industry June 2019


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.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 1.5% in 2019, which is down 1.9 percentage points from last month’s projection, and expand 2.3% in 2020.

Author:, Economist

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Norway Industry Chart

Norway Industry June 2019

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).

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