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April Manufacturing IP Reverses March Gains

NORWAY
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Norwegian April manufacturing industrial production fell -5.6% M/M SA, essentially reversing March’s gains (the March figure was revised two tenths higher to 5.6% M/M). Overall IP (i.e. including Extraction and related services) fell 0.6% M/M in April.

  • On a 3m/3m SA basis, manufacturing production still grew 0.3% (vs 0.9% prior).
  • Recent survey evidence has seen the manufacturing PMI remain in expansionary territory (at 52.3 in May vs 52.6 prior), while Statistics Norway’s Q1 business survey was neutral after six quarters of negative readings.
  • Overall, monthly IP readings remain volatile, and probably aren’t analysed too closely by the Norges Bank on a month-to-month basis.
  • We note that the recent supply outages, which halted Norwegian gas flow in some locations, may impact the headline IP index in June (for which data will be released in August).

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Norwegian April manufacturing industrial production fell -5.6% M/M SA, essentially reversing March’s gains (the March figure was revised two tenths higher to 5.6% M/M). Overall IP (i.e. including Extraction and related services) fell 0.6% M/M in April.

  • On a 3m/3m SA basis, manufacturing production still grew 0.3% (vs 0.9% prior).
  • Recent survey evidence has seen the manufacturing PMI remain in expansionary territory (at 52.3 in May vs 52.6 prior), while Statistics Norway’s Q1 business survey was neutral after six quarters of negative readings.
  • Overall, monthly IP readings remain volatile, and probably aren’t analysed too closely by the Norges Bank on a month-to-month basis.
  • We note that the recent supply outages, which halted Norwegian gas flow in some locations, may impact the headline IP index in June (for which data will be released in August).