Norway: Industrial output rebounds in November
January 8, 2021
Industrial output increased 1.8% month-on-month in seasonally-adjusted terms in November, contrasting October’s 3.6% drop. November’s figure marked the fastest increase in four months.
The notable turnaround was primarily due to an upturn in extraction and related services—which accounts for around 65% of industrial production in Norway— while manufacturing, mining and quarrying output also increased.
On an annual basis, factory output dropped 0.7% in seasonally-adjusted terms in November, which was below October’s flat reading and marked the worst result since November 2019. Meanwhile, annual average growth of industrial production was 3.9% in November, mirroring October's print.
Author: Stephen Vogado, Economist