Norway’s manufacturing production shrinks at record rate

Manufacturing production in Norway was reported to have contracted at a monthly rate of 5.6% in April after a revised up 5.6% surge in March.

It has been the steepest monthly rate of contraction on record, as production shrank for most components:

– textiles, wearing apparel & leather (-15.5% in April after an 8.7% increase in March);
– rubber, plastic & mineral products (-8.2% in April after a 7.8% surge in March);
– repair and installation of machinery (-8% in April compared to a 4.7% rise in March);
– fabricated metal products (-7.4% in April after a 4.4% rise in March);
– computer & electrical equipment (-6.9% in April after a 4.9% surge in March);
– transport equipment (-4.9% in April compared to a 2.1% rise in March);
– refined petroleum, chemicals & pharmaceuticals (-4.7% in April versus a 5.5% increase in March);
– machinery equipment (-4.4% in April after a 3.8% surge in the preceding month).

In annual terms, Norway’s manufacturing output shrank 1.6% in April, following a 5.6% growth in March.

Manufacturing comprises more than one quarter of Norway’s total production.

The EUR/NOK currency pair settled 0.64% higher at 11.5574 on Friday. For the week, the exotic currency pair advanced 1.76%, as it snapped a five-week streak of losses.