Norway: Industrial activity dips in February
Industrial output decreased 0.8% in month-on-month seasonally-adjusted terms in February, which contrasted January’s 0.9% increase. Looking at the details of the release, manufacturing, mining and quarrying output swung to contraction. Meanwhile, electricity, gas and steam production declined at a softer pace. This all more than offset extraction and related services—which accounts for around 65% of industrial output in Norway—output returning to growth in February
On an annual basis, industrial output rose at a faster rate of 1.6% in working-day adjusted terms in February (January: +0.2% yoy). Meanwhile, annual average growth of industrial production was 2.9% in February, matching January’s reading.