Norway Industry May 2019

Norway

Norway: Industrial production increases for the second running in May

July 5, 2019

Industrial production rose a seasonally-adjusted 0.6% in May from the previous month, up from April’s revised 0.5% increase (previously reported: +0.2% month-on-month). This was primarily due to a large increase in output from the extraction and related services sector, which accounts for over half of industry in Norway. In addition, the mining and quarrying, manufacturing, and electricity, gas and steam sectors all grew at solid rates.

Looking at the change in industrial production in annual terms when adjusted for working days, output fell 2.5% in May, up from the 4.2% fall in April. The annual average decrease in industrial production slipped to 0.7% in May, down from 0.6% in April.

FocusEconomics Consensus Forecast panelists project that industrial production will grow 0.4% in 2019, which is down 0.7 percentage points from last month’s projection, and 2.3% in 2020.


Author:, Economist

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Norway Industry May 2019

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Statistics Norway (SSB).


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