Norway: Industrial output drops at sharpest rate in three years in October
December 7, 2020
Industrial output dropped 3.5% month-on-month in seasonally-adjusted terms in October, which followed September's 1.6% decrease. October's figure marked the sharpest drop since October 2017.
Looking at the details of the release, October's figure was largely due to a sharper drop in extraction and related services output—which accounts for around 65% of industrial production in Norway—which fell at the sharpest pace since April 2015. Meanwhile, manufacturing, mining and quarrying production improved.
On an annual basis, industrial production was flat (September: +6.3%). Meanwhile, annual average industrial production growth rose to 3.9% in October (September: +3.5%), signaling an improving trend in the industrial sector.
Author: Stephen Vogado, Economist