Norway: Industrial production picks up in April
June 8, 2017
In April, industrial output increased 0.7% from the previous month in seasonally adjusted terms, up from a flat reading in March. The subcomponents for electricity, gas and steam and manufacturing both rebounded robustly, more than offsetting a contraction in the oil and gas extraction sector. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72% of the index.
In annual terms, industrial production grew 0.9% in April (March: +1.1% year-on-year). Annual average growth in industrial production now stands at minus 1.5%, down from minus 1.0% in March.