Norway: Industrial production continues to expand in July
September 6, 2013
In July, industrial output rose a seasonally-adjusted 3.0% over the previous month, which followed the 0.7% increase tallied in June (previously reported: +0.5% year-on-year). The print represents the fifth consecutive month of increase in industrial output. According to Statistics Norway, July's faster growth was mainly driven by a strong rebound in oil and gas extraction. On the other hand, the electricity, gas and steam category recorded a sharp decline and manufacturing output slowed markedly.
On an annual basis, industrial production expanded 2.8% in working-day adjusted terms. The result contrasts the 5.4% drop observed in June and marks the strongest reading since June 2012. As a result, the trend improved slightly, with annual average growth in industrial production inching up from minus 3.7% in June to minus 3.6% in July
FocusEconomics Consensus Forecast panelists expect industrial production to fall 4.8% in 2013. In 2014, the panel sees industrial production expanding 0.4%.