Norway: Industrial activity moderates in September
November 6, 2020
Industrial output slid 1.7% on a month-on-month in seasonally-adjusted terms in September, which contrasted August's 1.1% increase.
Looking at the details of the release, September’s fall was largely driven by a deterioration in extraction and related services output—which accounts for around 65% of industrial production in Norway—which fell at the sharpest pace since January. In addition, manufacturing, mining and quarrying production also weakened.
On an annual basis, industrial production grew 6.3% in seasonally-adjusted terms in September, which was below August’s 8.3% expansion. However, the trend improved significantly, with the annual average growth of industrial production coming in at 3.5% in September, up from August's 2.3% reading.
Author: Stephen Vogado, Economist