Norway: Industrial output growth accelerates to eight-month high in June
Industrial production expanded 7.9% month on month in seasonally adjusted terms in June (May: +0.6% mom). June’s print marked the best reading since October 2023. Looking at the details of the release, extraction and related services—which account for over 80% of industrial output in Norway—accelerated in June. Less positively, manufacturing output increased at a softer rate.
On an annual basis, industrial output rose 14.9% in calendar-adjusted terms in June, which was notably better than May’s 6.0% expansion and marking the best result since June 1994. Accordingly, annual average industrial production growth rose to 3.0% in June (May: +1.7%). This signals an improving trend in the industrial sector.