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(CEP News) Frankfurt - Norwegian industrial production fell 5.7% in August in seasonally adjusted terms, significantly more than the 0.5% loss expected and erasing the 0.3% gain seen in the previous period, according to Statistics Norway. Meanwhile, July's increase was revised up from an initial estimate of 1.2%.
Year-over-year, industrial output declined 6.1%, down significantly from July's 1.9% increase. The statistics agency also reported that manufacturing production fell 0.3% in August from July following the previous period's flat growth rate. Economists had expected a decline in the output level, however, and had forecast a -0.5% reading. Meanwhile, July's figure was revised down from an initial estimate of +0.1%. "The output of capital goods declined by 2.5 per cent, while the production of intermediate and consumer goods was unchanged," the statistics agency noted in a press release. In annualized terms, Norwegian manufacturing saw a gain of 2.8% in August, down from both the 3.3% increase expected and the 3.6% rise seen in July, revised down from an initial estimate of 3.7%. "Capital goods output expanded by 14.3 per cent during this period, while the production of consumer goods was reduced by 6.5 per cent." By Todd Wailoo,
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, edited by Stephen Huebl,
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