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Norway: Industrial activity dips in May
Latest reading: Industrial production slid 0.5% month on month in seasonally adjusted terms in May (April: +2.2% mom s.a.), marking the seventh decline in the last year. Looking at the details of the release, the notable deterioration was primarily due to both manufacturing and electricity, gas and steam output swinging into contractions. Moreover, oil and gas extraction and related services—which accound for over 80% of industrial output in Norway—flatlined in May, deteriorating from April’s strong rise.
On an annual basis, industrial production dropped 0.4% in calendar-adjusted terms in May, contrasting April’s 0.3% expansion. Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 1.7% in May, down from April’s 2.2%.
