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Norway Industrial production December 2021

Norway: Industrial output rebounds in December

Industrial production expanded 2.9% month-on-month in seasonally-adjusted terms in December (November: -3.0% mom s.a.). Looking at the details of the release, December’s turnaround came on the back of a bounce-back in extraction and related services—which account for around 65% of industrial output in Norway—while the electricity, gas and steam sub-sector grew at a quicker pace.

On an annual basis, industrial output increased 1.8% in working-day adjusted terms in December, which was below November’s 2.3% expansion and marking the worst result since July. Consequently, the trend pointed down, with the annual average growth of industrial production coming in at 3.2% in December, down from November’s 3.3% reading.

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