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.