Norway: Industrial production declines in May
July 7, 2017
In May, industrial output decreased 0.7% from the previous month in seasonally adjusted terms, contrasting the revised 0.6% increase in April (previously reported: +0.7% month-on-month). May’s decline reflected a broad-based deterioration as all subcomponents declined compared to the previous month. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72% of the index.
In annual terms, industrial production grew 0.5% in May (April: +0.9% year-on-year). Annual average growth in industrial production now stands at minus 1.6%, down from minus 1.5% in April.