Norway: Industrial production drops in August
October 7, 2019
Industrial production decreased a seasonally-adjusted 2.1% in August from the previous month, contrasting July’s 0.6% rise. August’s decrease was driven by a contraction in extraction and related services, which accounts for around 65% of industry in Norway. The sector continued its recent decline, dropping 3.0% month-on-month. The electricity, gas and steam, manufacturing and mining and quarrying subsectors also helped push the index lower.
In annual working day adjusted terms, industrial output dropped 9.2% in August, a harder fall than the 5.7% decrease seen in July. The annual average change in industrial production slipped to minus 3.1% in August, down from minus 2.1% in July.
Author: Stephen Vogado, Economist