Norway: Industrial production rebounds in July
September 6, 2019
Industrial production increased a seasonally-adjusted 0.5% in July from the previous month, contrasting June’s 1.3% decline. July’s increase was driven by expansions in the manufacturing, mining and quarrying, and electricity, gas and steam sectors. Conversely, the extraction and related services sector, which accounts for over a half of industry in Norway continued to contract, albeit at a slower pace.
In annual working day adjusted terms, industrial production output dropped 5.7% in July, softer than the 8.6% fall in June. The annual average change in industrial production slipped to minus 2.1% in July, down from minus 1.7% in June.
Author: Steven Burke, Economist