Norway: Industrial production continues to fall in March
May 8, 2012
In March, industrial output contracted a seasonally adjusted 0.7% over the previous month, which was below the 0.3% drop tallied in February (previously reported: -0.6% month-on-month). According to Statistics Norway, contractions in the production of paper and paper products as well as of basic chemicals were the main drivers behind the monthly deterioration. On an annual basis, industrial activity grew 2.4% in working-day adjusted terms, which was down from the 3.1% rise observed in February. Despite the softer March rise, annual average variation in industrial production improved from minus 2.8% in February to minus 2.1% in March.