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Financial News: Norway Industrial Production Growth Improves

Norway Industrial Production Growth Improves

07/07/2022 - 09:27:00 (RTTNews)

(RTTNews) - Norway's industrial production growth accelerated in May, after remaining stable in the previous month, figures from Statistics Norway showed on Thursday.

Industrial production rose a calendar-adjusted 5.1 percent year-on-year in May, following a 3.0 percent steady increase in April.

The growth in May was driven by a 5.9 percent gain in output of extraction and related services.

At the same time, manufacturing output registered a decline of 2.0 percent annually in May, in contrast to a 2.4 percent rise in April.

Mining and quarrying production declined sharply by 8.8 percent, and that of electricity, gas and steam logged a double-digit fall of 10.7 percent.

Among the main industrial groupings, production of intermediate goods grew 5.0 percent and that of energy goods rose 3.3 percent, while the rest of all segments registered decreases in May.

On a month-on-month basis, industrial production rebounded 0.7 percent in May, after a 0.3 percent drop in the preceding month.

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