Norway: Industrial output grows at fastest pace in over one-year in December
February 5, 2021
Industrial output grew 3.4% month-on-month in seasonally-adjusted terms in December (November: +1.7% mom). December's reading marked the best result since October 2019.
The reading largely reflected growing electricity, gas and steam production. In contrast, growth in extraction and related services—which accounts for around 65% of industrial production in Norway—moderated from the month prior.
On a seasonally- and calendar-adjusted annual basis, industrial output rose 2.7% in December (November: -0.7% yoy). Accordingly, the trend improved, with the annual average growth of industrial production coming in at plus 4.1% in December, up from November's 3.9% reading.
Author: Stephen Vogado, Economist