Norway Industry July 2016

Norway

Norway: Industrial production rebounds in July

September 7, 2016

In July, industrial production expanded 5.5% over the previous month in seasonally-adjusted terms, which marked a rebound from the 4.7% fall recorded in June and represented the highest reading since October 2012. Industrial output was lifted in July by a sharp upswing in oil and gas extraction and extraction-related services and a remarkable pick up in manufacturing.

In annual terms, industrial production expanded 0.5% in July, which contrasted the 5.8% fall recorded in June. Meanwhile, annual average growth in industrial production dropped from plus 0.1% to minus 0.1% in July, which marked the lowest result in two years.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 3.0% in 2016, which is down 0.9 percentage points over the previous month’s forecast. For 2017, the panel expects that industrial production will decrease 0.3%.


Author: Marlène Rump, Senior Data Analyst

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Norway Industry July 2016 0

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


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