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Norway Industrial production December 2023

Norway: Industrial output growth slows in December

Industrial output grew 1.0% month on month in seasonally adjusted terms in December (November: +1.9% mom). December’s moderation was partly due to a deterioration in output growth in extraction and related services—which account for around 75% of industrial output in Norway. In contrast, manufacturing output rebounded.

On an annual basis, industrial production fell 1.0% in calendar-adjusted terms in December, easing notably from November’s 6.2% fall and marking the best result since December 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.7% in December, down from November’s minus 7.6% reading.

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