Norway: Industrial output gains momentum in March
Industrial output expanded 2.2% month-on-month in seasonally-adjusted terms in March (February: -0.7% mom). Looking at the details of the release, March’s rebound was broad-based: Extraction and related services—which account for around 65% of industrial output in Norway—output accelerated and production in the manufacturing, mining and quarrying and electricity, gas and steam sub-sectors returned to growth.
On an annual basis, industrial output rose 3.0% in working-day adjusted terms in March, which was better than February’s 1.6% expansion. Accordingly, the trend improved modestly, with the annual average growth of industrial production coming in at 3.0% in March, up from February’s 2.9%.