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Norway Industrial production November 2022

Norway: Decline in industrial activity softens in November

Industrial production slid 0.9% month on month in seasonally-adjusted terms in November, a smaller contraction when compared with Octobers 1.2% decrease. Looking at the details of the release, Novembers release largely reflected an improvement in extraction and related services—which account for around 65% of industrial output in Norway—as well as electricity, gas and steam production.

On an annual basis, factory output increased 4.5% in working-day adjusted terms in November, which was above Octobers 3.5% expansion. Accordingly, the trend improved modestly, with the annual average industrial production growth coming in at 2.7%, bouncing back from Octobers over one-year low.

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