Norway: Industrial output dips in April
Industrial output decreased 0.6% in month-on-month seasonally adjusted terms in April, which contrasted March’s 3.6% increase. Looking at the details of the release, the weakening was largely due to a deterioration in extraction and related services—which account for over 80% of industrial output in Norway. In addition, manufacturing output weakened.
On an annual basis, industrial output rose at a softer pace of 3.4% in calendar-adjusted terms in April (March: +4.6% yoy). Accordingly, annual average industrial production growth fell to 0.8% in April (March: +0.9%), signaling a worsening trend in the industrial sector.