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Norway Industrial production January 2024

Norway: Industrial output growth speeds up in January

Industrial output rose 2.1% in month-on-month seasonally adjusted terms in January, which was above December’s 1.6% increase. Looking at the details of the release, January’s pickup was chiefly due to growing electricity, gas and steam production. In contrast, extraction and related services—which account for around 75% of industrial output in Norway—production lost pace.

On an annual basis, factory output rose 8.3% in calendar-adjusted terms in January, which was better than December’s 7.8% expansion. January’s upturn marked the best result since September 2021. Accordingly, annual average industrial production growth rose to 0.8% in January (December: +0.2%), signaling an improving trend in the industrial sector.

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