Norway: Industrial production dips in May
July 10, 2017
In May, industrial production dropped 0.7% from the previous month in seasonally adjusted terms, contrasting April’s revised 0.6% increase (previously reported: +0.7% month-on-month). May’s result was driven by a broad-based fall, with the electricity, gas and steam, manufacturing and oil and gas extraction sectors all contracting compared to the prior 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.
Author: Oliver Reynolds, Economist