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Due to the substantial impact in the seasonally adjusted series in July and August it is not easy to track industrial output. Compared to last year industrial production in July and August was 3.0 and 1.4 per cent higher respectively. Compared to the previous three-month period, the increase in June-August was 2.1 per cent, adjusted for normal seasonal variations. The corresponding increase for March-May this year was 1.8 per cent. It looks like industrial production is rising following a lacklustre performance at the end of last year. The main reason for the major changes in industrial production in the last two months is a change in the holiday pattern in which more of the summer holiday is taken in August.
Over the past months, the overall development of the economy indicates that industrial production in Norway is growing. However, due to changes in holiday taking, output dropped by a seasonally adjusted rate of 4.6 per cent from July to August, after increasing 3.5 per cent the month before.
Changed holiday pattern
The change in the holiday pattern covers most manufacturing sectors, with the greatest impact seen in the textiles and clothing industry, lumber and wood products industry and the metal goods industry. These sectors saw an increase, adjusted for normal seasonal fluctuations, of about 10 per cent in July and a similar decline in August.
Weekly Bulletin issue no. 41, 1997