Norway Industrial Production Falls 2.9%

(RTTNews) - Norway's industrial output declined for the second straight month in May, data from Statistics Norway showed on Tuesday.

Industrial production dropped a seasonally adjusted 2.9 percent month-over-month in May, the same as in the previous month.

The continued decrease was largely due to a 9.2 percent contraction in the extraction and related services segment. Data showed that the manufacturing growth softened to 1.0 percent from 2.1 percent. On a positive note, mining and quarrying production rebounded sharply by 5.3 percent versus a 7.2 percent slump in April.

On an annual basis, industrial production growth eased to 13.8 percent in May from 24.0 percent in the prior month.