Norway: Industrial output deteriorates in July
Industrial output dropped 3.8% in month-on-month seasonally adjusted terms in July, which contrasted June’s 7.7% increase. July’s result marked the worst reading since September 2023. Looking at the details of the release, extraction and related services—which account for over 80% of industrial output in Norway—contracted in July, deteriorating notably from June’s expansion. More positively, manufacturing output rose at a faster pace, and electricity, gas and steam production declined at a softer rate.
On an annual basis, industrial output rose at a more moderate pace of 10.1% in calendar-adjusted terms in July (June: +14.9% yoy). Meanwhile, annual average industrial production growth rose to 3.3% in July (June: +3.0%), signaling an improving trend in the industrial sector.