Norway: Decline in industrial output softens in November
Industrial output dropped 3.0% month-on-month in seasonally-adjusted terms in November (October: -5.3% mom s.a.). Looking at the details of the release, November’s milder decline was broad-based, with the extraction and related services—which account for around 65% of industrial output in Norway—declining at a softer pace. Moreover, the manufacturing, mining and quarrying and the electricity, gas and steam sub-sectors returned to growth in November.
On an annual basis, industrial production rose 2.3% in working-day adjusted terms in November, which was significantly below October’s 6.9% expansion. Still, the trend improved modestly, with the annual average growth of industrial production coming in at 3.3% in November, up from October’s 3.0% reading.