Norway: Industrial production contracts in December
February 6, 2017
Norwegian industrial production in December decreased 2.7% from the previous month in seasonally adjusted terms, contrasting the 0.7% rise recorded in November. The oil and gas extraction sector contracted sharply, dragging on the overall result. Industrial production in Norway is highly affected by oil and gas extraction and related services, which account for around 72.0% of the index. The electricity, gas and steam sector also slipped, while the manufacturing sector increased compared to November.
In annual terms, industrial production dropped 1.4% in December (November: +1.3% year-on-year). Annual average growth in industrial production was steady at minus 1.5% in December.