Norway: Industrial activity decline softens in August
Latest reading: Industrial output slid 1.1% in month-on-month seasonally adjusted terms in August, which was a smaller contraction than July’s 3.6% decrease. Looking at the details of the release, the softer drop was partly due to a milder contraction in extraction and related services—which account for over 80% of industrial output in Norway. Less positively, manufacturing output swung to a contraction, and electricity, gas and steam production declined at a steeper clip.
On an annual basis, industrial output rose 6.0% in calendar-adjusted terms in August, which was well below July’s 10.1% expansion. Meanwhile, annual average industrial production growth rose to 4.0% in August (July: +3.3%), signaling an improving trend in the industrial sector.