Norway: Industrial output records quickest growth in nearly two years in September
November 8, 2021
Industrial output expanded 3.3% in month-on-month seasonally-adjusted terms in September, which was above August's 2.7% increase. September's figure marked the best result since October 2019. Looking at the details of the release, extraction and related services output—which accounts for around 65% of industrial output—softened in September, while manufacturing, mining and quarrying output rebounded strongly from the prior month’s mild decline.
On an annual basis, industrial output grew 7.9% in calendar- and seasonally-adjusted terms in September, significantly above August’s 2.7% expansion, and marked the best result since August 2020. Accordingly, annual average industrial production growth rose to 2.4% in September (August: +2.3%). This signals an improving trend in the industrial sector.
Author: Marta Casanovas , Junior Economist