Norway: Industrial production falls in April
June 7, 2016
In April, industrial production grew 0.8% over the previous month in seasonally-adjusted terms, which contrasted the revised 1.2% decrease recorded in March (previously reported: -1.3% month-on-month) and marked the highest reading in seven months. April’s reading was supported by extraction and extraction-related services. As oil prices have picked up, Norway’s resources extraction expertise has seen its demand improve, both domestically and from abroad.
In annual terms, industrial production grew 3.2%, marking a rebound over the 4.0% drop recorded in March. Moreover, annual average growth in industrial production swung from minus 0.1% in March to plus 0.4% in April.
Author: Robert Hill, Economist