Norway: Industrial output deteriorates in February
April 8, 2021
Industrial production fell 1.2% month-on-month in seasonally-adjusted terms in February, contrasting the 1.0% growth clocked in January.
The notable downturn largely reflected drops in manufacturing, mining and quarrying and electricity, gas and steam production. However, extraction and related services output—which accounts for around 65% of industrial production in Norway—declined at a more moderate pace.
On a seasonally- and calendar-adjusted annual basis, factory output rose at a more moderate pace of 1.5% in February (January: +5.9% yoy). Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at plus 4.2%, down from January's 4.5% reading.
Author: Stephen Vogado, Economist