Norway: Decline in industrial activity softens in December
Industrial output decreased 0.1% in month-on-month seasonally adjusted terms in December, which was a less pronounced drop than November’s 0.5% decrease. Looking at the details of the release, December’s softer drop was largely due to a rebound in extraction and related services—which account for around 65% of industrial output in Norway. In addition, manufacturing, production contracted at a more moderate rate.
On an annual basis, industrial output was stable in December, which was notably below Novembers 4.5% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 2.5%, down from November’s 2.7% reading.