Biggest drop ever in Norwegian manufacturing output

oil services Oil services.Photo.

In the period July to August, the decline in Norwegian manufacturing output was at 6.2 percent, after a significant increase from June to July.
It’s the industries closely connected to the oil sector that are the main causes for the decline, according to new statistics from Statistics Norway.

– This is the largest drop ever if you look at it month by month. We have had months when it has decreased up to five percent previously, but then strikes played a major part in the decrease,  Harald Magnus Andreassen, chief economist at Swedbank, says to E24.

The Norwegian manufacturing output dropped by 2.8 per cent from June to August this year, compared to the same three-month period last year, but Andreassen doubt that the huge loss of production indicates how things will be in times ahead.

– Nothing suggests that the month of August reflects a new direction for Norwegian manufacturing industry. I think things will turn around again in September / October,  Andreassen says.


Source: NTB scanpix / Norway Today