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.
Author: Robert Hill, Economist