Norway: Industrial production swings into contraction in March
Latest reading: Industrial production returned to the doldrums in March, shrinking 0.3% month on month in seasonally adjusted terms (February: +1.4% mom s.a.), marking the sixth decline in nine months. Looking at the details of the release, oil and gas extraction and related services—which account for over 80% of industrial output in Norway—stagnated in March after rising in February, as did manufacturing production. Moreover, electricity, gas and steam output swung into contraction.
On an annual basis, industrial production fell 3.1% in March on a calendar-adjusted basis after flatlining in February. Accordingly, annual average industrial production growth dropped to 2.4% in March (February: +3.2%), signaling a worsening trend in the industrial sector.