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Norway Industrial production January 2023

Norway: Industrial output drops at sharpest pace in nearly 21 years in January

Industrial production nosedived 8.3% month on month in seasonally adjusted terms in January, which was a more pronounced drop than December’s 0.2% decrease. The downturn marked the worst reading since March 2002. Looking at the details of the release, the figure was driven by a larger drop in electricity, gas and steam output. This more than offset extraction and related services—which account for around 65% of industrial output in Norway—production gaining steam.

On an annual basis, industrial output plunged 6.6% in January, which was a notable deterioration from December’s flat reading and marked the worst result since September 2019. Consequently, the trend pointed down, with the annual average growth of industrial production coming in at 1.9%, down from December’s 2.6%.

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