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.
Author: Edward Gardner, Economist