Norway: Industrial production returns to growth in August
October 8, 2018
According to Statistics Norway, industrial production grew a seasonally-adjusted 1.8% in August, contrasting the revised 1.9% contraction in July (previously reported: -2.4% month-on-month).
The bounce in industrial production in August was due to higher output in the extraction and related services sector—the largest industrial sector in Norway. Moreover, the electricity, gas and steam, and mining and quarrying sectors both recorded production growth in August. On the other hand, the manufacturing sector recorded a slight decrease in output due to less production of refined petroleum, chemicals and pharmaceuticals.
In annual terms when adjusted for working days, industrial production increased 2.3% in August, contrasting the 0.8% fall logged in July. Annual average growth in industrial production moderated to 1.2% in August from 1.6% in July.
Author: Edward Gardner, Economist