Erik Johannes Bruce, analyst at Nordea Markets, notes that Norway’s manufacturing production fell 1.0% in June, but it is however after two very strong months.
“Q2 was 1.7% above Q1.”
“No surprise that manufacturing production fell in June (1-% m/m) after two surprisingly strong months. We had expected a sharper correction. The trend is pointing strongly upwards and manufacturing production is up as much as 1.7% q/q in Q2. It is, no surprise again, industries delivering capital goods to the oil sector which pull up due to the strong growth in oil investment.”