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.