Norway: Industrial output grows at fastest pace in seven months in March
Industrial output expanded 2.1% month-on-month in seasonally adjusted terms in March (February: +0.1% mom). March’s print marked the best reading since August 2022. Looking at the details of the release, the notable acceleration was chiefly due to a notable rebound in extraction and related services—which accounts for around 65% of industrial output in Norway. This more than offset a fall in manufacturing, mining and quarrying production.
On an annual basis, industrial production plummeted 5.4% in working-day adjusted terms in March (February: -6.0% yoy). Consequently, the trend pointed down, with the annual average growth of industrial production coming in at 0.5%, down from February’s 1.3% reading.