Norway Industry June 2016


Norway: Industrial production plunges in June

August 5, 2016

In June, industrial production decreased 5.09% over the previous month in seasonally-adjusted terms, which was below the 0.24% contraction recorded in May and marked the lowest reading since April 2015. A profound drop in oil and gas extraction and extraction-related services as well as a remarkable deterioration in manufacturing dragged on industrial output in June.

In annual terms, industrial production fell 8.7%, which was below the 0.7% fall recorded in May and marked the worst result in 40 months. Meanwhile, annual average growth in industrial production slowed from flat growth in May to minus 0.9% in June.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 0.7% in 2016, which is unchanged over the previous month’s forecast. For 2017, the panel expects that industrial production will increase 0.4%.

Author: Marlène Rump, Senior Data Analyst

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Norway Industry Chart

Norway Industry June 2016 4

Note: Month-on-month seasonally adjusted and year-on-year variation in %.
Source: Office for National Statistics (ONS).

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