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Norway Industrial production November 2023

Norway: Industrial output growth deteriorates in November

Industrial output rose 2.4% in month-on-month seasonally adjusted terms in November, which was a deterioration from October’s 8.1% increase. Looking at the details of the release, the moderation was largely due to weaker extraction and related services—which account for around 75% of industrial output in Norway—output growth. In addition, electricity, gas and steam output contracted.

On an annual basis, industrial output dove 6.2% in calendar-adjusted terms in November, moderating notably from October’s 9.1% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.6% in November, down from October’s minus 6.7% reading.

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