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Norway Industrial Output Falls In July

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Monday, a report by Statistics Norway said industrial production dropped a seasonally adjusted 0.5% month-on-month in July, after a 0.8% rise in the preceding month. This was mainly due to a drop in oil and gas extraction.

Oil and gas extraction dropped 1.2%, while manufacturing as also the production of utilities rose 0.5% and 2.2% respectively.

Year-on-year, industrial output fell 8% in July, after a 6.3% fall in the preceding month.Production of utilities was down 23.8%, while manufacturing output as also oil and gas extraction fell 8.9% and 6.6% respectively.

In the first seven months of the year, industrial output was down 3.6% compared with the same period last year.

Meanwhile, the statistical office said manufacturing turnover dropped 18.6% year-on-year in July, reflecting a 13.6% fall in manufacturing, mining and quarrying. Turnover of utilities was down 8.2%.

(Market News Provided by RTTNews)

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