Industrial output rebounds in July

Latest reading: Industrial output increased 0.4% month on month in seasonally adjusted terms in July (June: -0.1% mom s.a.). Looking at the details of the release, July’s return to growth was largely driven by a rebound in electricity, gas and steam output. Moreover, manufacturing production improved, flatlining in July following June’s contraction. On the flip side, extraction and related services—which account for nearly 80% of industrial output in Norway—flatlined in July, a deterioration from June’s mild rise. On an annual basis, factory output fell at a softer rate of 3.5% in calendar-adjusted terms in July (June: -7.2% yoy). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.1% in July, down from June's flat reading.

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