Norway Industry

Norway

Norway: Industrial production recovers in May

July 7, 2015

In May, industrial output grew 0.7% over the previous month in seasonally-adjusted terms, which contrasted the 5.0% decrease tallied in April (previously reported: -4.9% month-on-month). May’s expansion was mainly due to the largest expansion in oil and gas extraction in three months, more than offsetting a contraction in the manufacturing sector. Furthermore, the electricity, gas and steam sector expanded modestly.

On an annual basis, industrial production in May grew 4.2% in working-day adjusted terms. The reading contrasted the 3.6% contraction tallied in the previous month. Annual average growth in industrial production picked up in May, climbing from April’s 2.1% increase to 2.8% in May.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 0.5% in 2015, which is unchanged over the previous month’s estimate. In 2016, the panel sees industrial production climbing 1.1%.


Author:, Economist

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Norway Industry May 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Norway (SN).


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