Norway: Industrial activity dips in April
June 7, 2021
Industrial production slid 0.1% month-on-month in seasonally-adjusted terms in April (March: +0.9% mom). The weakening was largely due to a deterioration in extraction and related services production—which accounts for around 65% of industrial output in Norway— as well as a contraction in manufacturing production. Meanwhile, mining and quarrying output expanded robustly.
On a seasonally-and calendar-adjusted annual basis, factory output rose 0.9% in April, which was better than March’s 0.6% expansion. Meanwhile, the trend pointed down, with the annual average industrial production growth clocking in at 3.3% in April (March: +3.6%).
Author: Marta Casanovas , Junior Economist