Norway: Industrial output swings back to growth in March
Industrial production rose 0.9% month-on-month in seasonally-adjusted terms in March, contrasting the 1.2% fall clocked in February.
The improvement was chiefly due to increasing production in the extraction and related services sector—which accounts for around 65% of industrial output in Norway—, while mining and quarrying output also expanded.
On a seasonally- and calendar-adjusted annual basis, factory output rose at a more moderate pace of 0.6% in March (January: +1.5% yoy). Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at plus 3.6% in March, down from February’s 4.2% print.