Norway: Industrial production expands for third consecutive month
July 5, 2013
In May, industrial output rose a seasonally adjusted 1.2% over the previous month, which followed the 4.4% increase tallied in April (previously reported: +5.4% year-on-year). The print represents the third consecutive month of rising industrial output. According to Statistics Norway, the slower growth seen in May was mainly driven by a contraction in manufacturing output as well as by a softer rise in oil and gas extraction. On the other hand, electricity, gas and steam rebounded strongly compared to the previous month.
On an annual basis, industrial production declined 4.7% in working-day adjusted terms, which represents an improvement over the 5.3% drop observed in April. As a result, the trend continues to point downwards, with annual average growth in industrial production falling from minus 1.1% in April to minus 2.6% in May.
FocusEconomics Consensus Forecast panellists expect industrial production to fall 5.9% in 2013. In 2014, the panel sees industrial production contracting 0.4%.