Norway: Industrial output growth falls to 10-month low in January
Industrial production increased 0.9% month-on-month in seasonally-adjusted terms in January (December: +2.9% mom s.a.). January’s moderation came on the back of a decline in extraction and related services—which accounts for around 65% of industrial output in Norway. In addition, electricity, gas and steam output contracted heavily.
On an annual basis, factory output rose at a softer pace of 0.2% in working-day adjusted terms in January (December: +2.0% year-on-year), the weakest result since November 2020. Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 2.9%, down from December’s 3.4% reading.