Norway: Industrial production falls sharply in July
September 10, 2012
In July, industrial output dropped a seasonally adjusted 4.5% over the previous month, which contrasted the 0.8% rise tallied in June and marked, in fact, the steepest decline since August 2010. According to Statistics Norway, the deterioration seen in July was broad-based, as all the main subcategories retreated over the previous month. In particular, sharp losses were seen in the production of electricity, gas and steam as well as in extraction and related services. On an annual basis, industrial production increased 2.6% in working-day adjusted terms, which came in below the healthy 7.7% rise observed in June. Building on the robust annual readings tallied in recent months, the trend continues pointing upwards, with annual average growth in industrial production rising from 2.6% in June to 3.2%.