Norway: Decline in industrial activity softens in October
Industrial output declined 1.2% in month-on-month seasonally adjusted terms in October, which was a smaller contraction than September’s 2.5% decrease. Looking at the details of the release, the smaller drop was driven by growing electricity, gas and steam output. Meanwhile, extraction and related services—which account for around 65% of industrial output in Norway—production slid in October.
On an annual basis, industrial output rose 3.5% in working-day adjusted terms in October, which was notably better than Septembers 0.9% expansion. Still, the trend pointed down; annual average industrial production growth fell to 2.5% in October (September: +2.8%), which marked an over one-year low.