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Norway Industrial production October 2021

Norway: Industrial output drops at sharpest pace since April 2015 in October

Industrial output dived 5.3% in month-on-month seasonally-adjusted terms in October, which contrasted September’s 3.3% increase. The result marked the steepest fall since April 2015. Looking at the details of the release, the reading reflected a broad-based downturn across the major sectors, with extraction and related services—which account for around 65% of industrial output—manufacturing, mining and quarrying, and electricity, gas and steam production all contracting in October.

On an annual basis, industrial production grew 6.9% in working-day adjusted terms in October, which was below September’s 7.9% expansion. Still, annual average industrial production growth rose to 3.0% in October (September: +2.4%). This signals an improving trend in the industrial sector.

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