Norway: Industrial output growth slows in January
March 8, 2021
Industrial output increased 1.1% in month-on-month seasonally-adjusted terms in January, somewhat lower than December's 3.3% increase.
The slowdown was chiefly driven by a contraction in extraction and related services production—which accounts for around 65% of industrial production in Norway—while electricity, gas and steam output lost pace.
On a seasonally- and calendar-adjusted annual basis, industrial output rose 5.9% in January, which was significantly better than December’s 2.7% expansion. Meanwhile, annual average industrial production growth rose to 4.5% in January (December: +4.1%) signaling an improving trend in the industrial sector.
Author: Stephen Vogado, Economist