Industrial output rose 1.5% on a seasonally adjusted monthly basis in July, which contrasts with June’s 1.4% decline. This remarkable shift was partly driven by a strong recovery in extraction and related services – which account for about 65% of Norway’s industrial output – output. In addition, industrialization, mining, and quarry production improved.
On an annualized basis, industrial production rose at a more moderate pace of 1.8% in revised working day terms in July (June: +2.3% y/y), the weakest result since February. However, average annual industrial production growth rose to 3.3% in July (June: +3.2%). This indicates an improvement trend in the industrial sector.
Members of the FocusEconomics Consensus forecast committee expect industrial production to rise 2.3% in 2022, which is 0.1 percentage point lower than last month’s forecast, and to expand 2.2% in 2023.