Norway Industrial Output Falls 1.0% In May

(RTTNews) - Norway's industrial production logged a contraction in May after recovering in the prior month, data from Statistics Norway showed on Monday.

Industrial production dropped a seasonally adjusted 1.0 percent month-over-month in May, reversing a 0.6 percent increase in April.

The downward trend was largely due to a 2.6 percent contraction in the extraction and related services segment, followed by a 0.5 percent fall in mining and quarrying output. On the other hand, manufacturing production rebounded 0.7 percent.

On an annual basis, industrial production growth eased to 0.5 percent in May from 1.2 percent in the prior month, primarily linked to a sharp contraction in the mining and quarrying sector.