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Norway Industrial production February 2024

Norway: Industrial activity deteriorates in February

Industrial output fell 4.3% in month-on-month seasonally adjusted terms in February, which contrasted January’s 2.2% increase. Looking at the details of the release, the deterioration reflected a broad-based downturn across the major sectors, with extraction and related services—which account for around 75% of industrial output in Norway—manufacturing and electricity, gas and steam all contracting in February.

On an annual basis, factory output increased 1.8% in calendar-adjusted terms in February, which was well below January’s 8.3% expansion. Meanwhile, the trend was stable, with the annual average growth of industrial production coming in at January’s 0.8% in February.

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