Norway: Weak manufacturing production – Nordea Markets

Erik Johannes Bruce, analyst at Nordea Markets, notes that the Norway’s manufacturing production has been on the weak side lately as it fell 0.8% m/m in March and is down 0.4% in Q1 compared to Q4 last year.

Key Quotes

“It is in the part of the industries not delivering to the oil sector where we have seen weakness.”

“The downturn is related to shut down for maintenance work among several leading producers according to Statistics Norway.”

“We do not think today’s figure will mean much to Norges Bank’s view either.”