Norway: Industrial production expands for fourth consecutive month
August 7, 2013
In June, industrial output rose a seasonally adjusted 0.5% over the previous month, which followed the 1.0% increase tallied in May (previously reported: +1.2% year-on-year). The print represents the fourth consecutive month of increase in industrial output. According to Statistics Norway, June's slower growth was mainly driven by a contraction in oil and gas extraction, as well as by a softer rise in electricity, gas and steam. Manufacturing output, however, rebounded compared to the previous month and reached its highest level in nearly two years.
On an annual basis, industrial production declined 5.5% in working-day adjusted terms, which represents a deterioration over the 4.8% drop observed in May. As a result, the trend continues to deteriorate, with annual average growth in industrial production falling from minus 2.6% in May to minus 3.7% in June, the lowest rate in 18 months
FocusEconomics Consensus Forecast panellists expect industrial production to fall 5.1% in 2013. In 2014, the panel sees industrial production contracting 0.7%.