Norway Industry

Norway

Norway: Industrial production contracts on weak oil and gas extraction

January 8, 2013

In November, industrial output declined a seasonally adjusted 3.6% over the previous month, which contrasted the 4.9% rise tallied in October (previously reported: +4.8% month-on-month). According to Statistics Norway, the deterioration was mainly due to a sharp drop in oil and gas extraction. On the other hand, growth in manufacturing, mining and quarrying as well as in electricity, gas and steam improved slightly, although both sub-sectors remained in the red.

On an annual basis, industrial production contracted 3.5% in working-day adjusted terms, which contrasted the 2.5% rise observed in October. As a result, the trend now points downwards, with annual average growth in industrial production falling from 2.7% in October to 2.5% in November.


Author: Ricard Torné, Head of Economic Research

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Norway Industry Chart


Norway Industry November 2012

Note: Month-on-month seasonally adjusted and year-on-year changes of industrial production index in %.
Source: Statistics Norway (SN).


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