Historic dive in industrial production

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Norwegian industrial production continued to fall during the second quarter, down 5.6 percent compared to the same quarter last year. State statistics bureau SSB (Statistics Norway) reported that there hadn’t been such a decline recorded since 1990.

SSB stressed that the decline was strongly linked to the Corona crisis that raged in all three months of the quarter. First-quarter production fell 1.1 percent, mostly after the Corona crisis all but shut down Norway from March 12.

Most of the second-quarter decline was blamed on the sudden slowdown in ship- and oil platform building at Norwegian shipyards. At the same time, food production increased, fueled by high demand in the Norwegian grocery market. With restaurants closed and travel halted, most Norwegians found themselves eating at home and needing groceries.

Industrial leaders predict poor prospects, just as industrial employers and trade union leaders are in mediation over new labour contracts. The employers claim they have nothing to offer, while third-quarter prospects remain weak.

newsinenglish.no staff