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Norway Industrial production September 2022

Norway: Industrial activity falls at sharpest rate since November 2021 in September

Industrial output declined 2.4% in month-on-month seasonally-adjusted terms in September, which contrasted August’s 3.1% increase. September’s figure marked the worst reading since November 2021. Looking at the details of the release, the notable deterioration came on the back of a contraction in extraction and related services—which accounts for around 65% of industrial output in Norway. Additionally, electricity, gas and steam production declined nearly 20%. These more than offset growth in mining and quarrying output.

On an annual basis, factory output rose at a more moderate pace of 0.9% in September (August: +4.7% yoy), the weakest result since January. Accordingly, annual average industrial production growth fell to 2.8% in September (August: +3.4%), signaling a worsening trend in the industrial sector.

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