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Norway Industrial production October 2023

Norway: Decline in industrial activity softens in October

Industrial output declined 0.6% in month-on-month seasonally adjusted terms in October, which was above September’s 9.0% decrease. Looking at the details of the release, October’s softer drop was broad-based. Manufacturing and electricity, gas and steam output gained steam, while extraction and related services—which account for around 75% of industrial output in Norway—contracted at a softer rate.

On an annual basis, factory output plummeted 17.7% in calendar-adjusted terms in October (September: -20.1% yoy). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.4% in October, down from September’s minus 5.6% reading.

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