Norway Industry July 2019

Norway

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.

FocusEconomics Consensus Forecast panelists project that industrial production will contract 1.5% in 2019, which is down 2.6 percentage points from last month’s projection, and expand 2.6% in 2020, which is up 0.3 percentage points.


Author:, Economist

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Norway Industry July 2019

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


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